Syncora Guarantee reported positive net income for the first quarter but said it faces liquidity problems that threaten its future long-term obligations.

The defunct insurer’s net income was $17.6 million for the first three months of 2011, compared to a net loss of $867,125 for the same time period last year. Its surplus to policyholders was $156.6 million versus $104 million in 2010. That surplus exceeds its regulatory minimum by $91.6 million.

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