Special Report
Market Turmoil Hits Munis
Here, you’ll find ongoing coverage about how fallout from deterioration in the subprime mortgage sector continues to affect the municipal market including bond insurers, underwriters, issuers and stalled deals.
Ambac’s Vital Signs Aren’t Looking Too Vital
By Patrick McGee | Mar 05Ambac Financial Group Inc. will not release its fourth-quarter results until March 16, but earlier this week its principal subsidiary posted to its Web site an annual report that gives an idea of where things stood at year-end. The results aren’t too promising.
Syncora Statutory Surplus Falls to $99.7 Million in 4Q
By Patrick McGee | Mar 04Syncora Guarantee Inc. on Tuesday reported its statutory surplus declined to $99.7 million in the fourth quarter of 2009, down from $181.8 million in the third quarter.
Somehow, MBIA Stayed Positive in ’09
By Patrick McGee | Mar 03Despite ongoing litigation, less than stellar ratings and continued losses on structured finance products, MBIA Inc. managed to post positive net income last year.
Assured’s Fourth-Quarter Earnings Surpass Forecasts
By Patrick McGee | Mar 01Assured Guaranty Ltd. posted record profits in 2009 as its fourth-quarter earnings handily beat estimates.
Assured Announces 4Q Operating Income of $156M
By Patrick McGee | Feb 26Assured Guaranty Ltd., the holding company of the two principal players in the bond insurance industry, on Thursday announced fourth-quarter 2009 operating income of $155.9 million, way up from $3.5 million in the fourth quarter of 2008.
Legislation
Wyden-Gregg Bill Would End Tax-Exempts
By Peter Schroeder | Feb 24New tax reform legislation unveiled Tuesday by Sens. Ron Wyden, D-Ore., and Judd Gregg, R-N.H., would eliminate tax-exempt bonds beginning in 2011, change the tax exemption for state and local bonds to a tax credit, and prohibit the advance refunding of bonds. [Free]
Municipalities Are Set to Handle Upcoming Turmoil, Raters Say
By Patrick McGee | Feb 10The three principle rating agencies reported increased volatility and a substantial number of municipal issuer downgrades last year. Yet in their respective reviews of 2009, Moody’s Investors Service, Fitch Ratings, and Standard & Poor’s each implied that while strains will certainly continue into the next year or two, municipalities should be able to withstand the financial pressure.
MBIA Rebrands Unit as Cutwater Asset Management
By Patrick McGee | Feb 09The fixed-income management group at MBIA Inc. received new branding yesterday.
Cuomo Charges Bank of America
Says Firm Misled Over Merrill Deal
By Lynn Hume | Feb 05WASHINGTON — New York Attorney General Andrew Cuomo, joined by Neil Barofsky, the special inspector general of the Troubled Asset Relief Program, has filed charges against Bank of America, its former chief executive officer Kenneth Lewis, and its former chief financial officer Joseph Price for allegedly duping shareholders and the federal government to facilitate a merger with Merrill Lynch.
Ambac Unveils Plan to Bar Unapproved Change in Ownership
By Dan Seymour | Feb 04If anyone was thinking about buying Ambac Financial Group Inc., the process just got harder.