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.
N.Y. Court Sets Date for Trial Over MBIA Restructuring
By Patrick McGee | Sep 02Policyholders contesting bond insurer MBIA Inc.’s February 2009 restructuring will soon have their chance in court to try and overturn the decision that allowed the transformation to take place.
N.Y. Court Rejects Credit Suisse Move to Dismiss MBIA Claims
By Patrick McGee | Aug 13The New York Supreme Court on Monday denied Credit Suisse Securities’ motion to dismiss MBIA Insurance Corp.’s claims of mortgage-related fraud and breach of contract.
With $16M Loss, 2nd Quarter Wasn’t Kind to FGIC
By Dan Seymour | Aug 12Financial Guaranty Insurance Co. fell more deeply into the hole in the second quarter as the insolvent bond insurer lost more money on contracts linked to mortgage debt and its statutory deficit continued to widen.
Ambac Financial Posts 2Q Loss of $57.6M
By Patrick McGee | Aug 10Insurance holding company Ambac Financial Group reported a net loss in the second quarter, despite big gains in the value of its insured derivatives, and warned that it may be unable to pay its debts in a year.
Fairholme Bets Big On MBIA
Berkowitz Sees Insurer’s Upside
By Patrick McGee | Jul 30Fairholme Capital Management’s motto is “Ignore the Crowd,” and the hedge fund is sticking close to that maxim with its roughly $200 million investment in MBIA Inc. [Free]
Council Set Up to Help Ambac Rehab
By Patrick McGee | Jul 29Wisconsin insurance commissioner Sean Dilweg has formed a nine-person council of advisers to support his efforts to rehabilitate Ambac Assurance Corp.
Bond Insurers
Syncora To Start Payments
NYID Approves Remediation Plan
By Patrick McGee | Jul 21Syncora Guarantee Inc. on Wednesday will begin paying insurance claims on regularly scheduled payment dates following the approval of its remediation plan by its regulator. [Free]
Assured Leads Insurers
Industry Still Trying to Find Footing
By Patrick McGee | Jul 16Assured Guaranty Ltd. continued to dominate bond insurance in the first half of 2010 even as the industry struggled to re-establish itself as an important force in the municipal market, data from Thomson Reuters shows. [Free]
NYSE Notifies Ambac It Could Be De-Listed
By Patrick McGee | Jul 07The New York Stock Exchange once again notified Ambac Financial Group that it could be de-listed for failing to maintain a minimum share value of $1.00 for a 30-day period, the company announced Tuesday.
Bond Insurers
Syncora May Have to Start Paying Claims
By Patrick McGee | Jun 23Syncora Guarantee Inc. may have to start paying all of its outstanding insurance claims or face rehabilitation or liquidation.