Some of the municipal bond market's biggest insurers are making significant changes in leadership and structure in efforts to address their current problems stemming from exposure to subprime mortgage-backed securities.

Take Joseph "Jay" Brown, who has just come back at the helm of MBIA Inc. as chief executive officer and chairman, the board's call, following the resignation of former CEO Gary Dunton. The change in leadership is effective immediately, the bond insurer said Tuesday.

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