Moody's has downgraded FSA and Assured Guaranty on Friday, claiming that with the future of municipal monoline insurance uncertain, it is unlikely that any stand-alone insurer could ever get a Aaa rating. I predicted the death of these insurers back in July when Moody's first put both on negative watch. For several months it appeared I was wrong, as either FSA or Assured wrapped approximately 2...
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Moody's has downgraded FSA and Assured Guaranty on Friday, claiming that with the future of municipal monoline insurance uncertain, it is unlikely that any stand-alone insurer could ever get a Aaa rating. I predicted the death of these insurers back in July when Moody's first put both on negative watch. For several months it appeared I was wrong, as either FSA or Assured wrapped approximately 2...
NEW YORK (Reuters) - Shares of Ambac Financial Group rose more than 80 percent on Thursday, after it reached an agreement to cancel contracts covering structured debt valued at $3.5 billion, allowing it to reduce loss reserves.
Among the companies whose shares are seeing active trade in Thursday’s session are Ambac, Citigroup, Ford and General Motors.
Selloff sends markets to 5-year lows. U.S. stock and bond markets dropped to their lowest levels since the economic crisis began, on new concerns about rising defaults and the financial system's health. The stock market fell to a 5.5 year low, led by banks and financial institutions. Markets are now down 43.5% from an all-time high reached just over a year ago, and nearly all the gains from th...
According to Reuters, Japan exports hit their lowest level since 2002. Reuters writes that hopes for an auto bailout in this session of Congress are poor. Reuters reports that the US is looking into lending practices at Golden West. Reuters reports that small businesses are being hurt by trouble on Wall St.Reuters reports that a bank analyst said financial firms need another $1 trillion in capi...
The big bond insurer Ambac Financial Group said Wednesday that it had agreed to pay $1 billion in cash to counterparties to cancel default protection on $3.5 billion of collateralized debt obligations. Ambac said the settlements should improve the capital position of its insurance unit, the Ambac Assurance Corporation, which lost its AAA rating on its [...]
Standard & Poor’s said Wednesday that it downgraded Ambac Financial and the company’s main bond insurance unit because the rating agency expects more losses from guarantees of mortgage-backed securities and collateralized debt obligations.
Intuit Inc. edged higher late Wednesday even though the tax-preparation software maker posted a wider net loss and cut its financial outlook for 2009, while Ambac Financial Group Inc. shares surged after the bond insurer reached a deal that will end its exposure to $3.5 billion in shaky mortgage-backed debt.
Ambac Financial reached a deal with counterparties to commute four securitized transactions worth about $3.5 billion on Sept. 30 in exchange for a $1 billion cash payment from Ambac Assurance.