MarketThoughts.com Home Page
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups  StatisticsStatistics   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

Bond Insurers
Goto page 1, 2, 3, 4, 5, 6, 7, 8  Next
 
Post new topic   Reply to topic    MarketThoughts.com Forum Index -> Market Commentary
View previous topic :: View next topic  
Author Bond Insurers
HenryTo
Site Admin
Site Admin


Joined: 06 Aug 2004
Posts: 11260
Location: Los Angeles, California

PostPosted: Thu Nov 15, 2007 10:18 am    Post subject: Bond Insurers Reply with quote

This continues to bear watching going forward:

http://www.bloomberg.com/apps/news?pid=20601109&sid=aOjl_Hy9ibBI&refer=exclusive

Quote:
Insurers could boost their padding by reinsuring the securities they guarantee, Fitch analyst Keith Buckley said on a conference call Nov. 8.

Banks may step in to back the companies because it would be cheaper than taking more writedowns, Michael Barry and Seth Levine, analysts at Charlotte, North Carolina-based Bank of America Corp., wrote in a report.

``The securities industry, no small force, has a keen interest in the financial guarantors remaining healthy and rated AAA,'' they wrote. ``Financial guarantors would not have to look far for help making sure the demand was met.''
Back to top
View user's profile Send private message Send e-mail Visit poster's website
Post new topic   Reply to topic    MarketThoughts.com Forum Index -> Market Commentary
Author Bond Insurers Replies
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Tue Aug 10, 2010 12:15 pm    Post subject: Reply with quote

MBIA transcript:


Quote:
Many of you’ll remember that one of my first actions upon returning to MBI was to set forth a five-year plan for the transformation of the company. At the same time, I also expressed my personal view that the bond insurance industry needed to be redesigned.


Government dedicated "spinoff" remains frozen by litigation from MBIA shareholders.
_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Wed Jun 09, 2010 6:35 am    Post subject: Reply with quote

Ambac in pre-pack: this is one of the few pieces of trash even I wouldn't pick up. Indeed the industry is questioning its very raisin-d'etre. One of the reasons Buffett bought the RR was this biz went nowhere. Why? It's a new era: government comes first.


http://www.reuters.com/article/idUSTRE65802Z20100609
_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message
HenryTo
Site Admin
Site Admin


Joined: 06 Aug 2004
Posts: 11260
Location: Los Angeles, California

PostPosted: Tue May 11, 2010 11:52 am    Post subject: Reply with quote

Morningstar's latest notes on MBIA:

Quote:
Book value plummeted in the first quarter to $6.61 per share at bond insurer MBIA MBI, as a $2.2 billion pretax charge on insured credit derivatives hit the balance sheet. Most of the loss in book value came from the structured finance side of the business (MBIA Corp.), as the book value of U.S. public finance (National Public Finance Corp.) remained stable with the end of 2009. The derivatives charge was also responsible for a GAAP net loss of $7.22 per common share compared with net income per share of $3.34 in the first quarter of last year. Our take on these results is that the future for MBIA and its insurance subsidiaries remains opaque and will take a long time to play out. The company reported that although the mortgage delinquency rate that affects insured residential mortgage-backed securities has decreased a bit, it is still higher than the assumptions it was using to forecast claim payments. Actual paid claims in the first quarter were $347 million, and the company expects to pay out about $2 billion this year alone. We expect elevated payouts will continue well into the future, though perhaps at a significantly lower level than what is expected for 2010. The wild card in the mix is the recoveries that MBIA expects to garner from originators and servicers that may have included ineligible and misrepresented collateral in insured transactions. If MBIA can prove its case in court, recovery payments could be headed its way. However, it will still take years to settle this action, and MBIA will have to continue making claim payments to insureds in the meantime. We continue to think that uncertainty is extreme in the stock, and our fair value estimate is unchanged.
Back to top
View user's profile Send private message Send e-mail Visit poster's website
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Fri Apr 30, 2010 6:10 pm    Post subject: Reply with quote

Reborn of a corpse?

Tom Graff
Harrisburg default and Assured Guaranty
4/30/2010 3:42 PM EDT


Quote:
I wrote a little about the City of Harrisburg PA's impending default in this week's Bondlife (not yet published as of the moment.) Bondholders aren't going to take any losses as of yet because Assured Guaranty has backed the bond deal. I think this is a fantastic opportunity for AGO to stand behind these bonds and prove the value of municipal insurance. At first blush it seems like a negative for AGO in that they are laying out cash, but if it gets the company (and muni insurance as a concept) a little more respect, it will turn out to be the best marketing expense in the firm's history.

_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Thu Jan 21, 2010 8:36 am    Post subject: Reply with quote

RIP

http://ftalphaville.ft.com/blog/2010/01/21/130691/the-unenviable-uncertain-future-of-the-bond-insurance-industry/
_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Fri Nov 20, 2009 9:10 am    Post subject: Reply with quote

The write-up recovery is still on....barely:

http://ftalphaville.ft.com/blog/2009/11/19/84331/ambac-attack/

Ackman called it. Still gotta believe there's some value in here somewhere.
_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Wed Aug 12, 2009 9:23 am    Post subject: Reply with quote

This downgrade of MBIA spark for yesterday's WWW selloff:

http://online.barrons.com/article/SB124993990996620609.html?ru=yahoo#mod=yahoobarrons
_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Thu Aug 06, 2009 7:54 am    Post subject: Reply with quote

Huge move in AIG, ABK et. al.: The write-up recovery is on.
_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Sun Aug 02, 2009 8:35 am    Post subject: Reply with quote

Zombie Insurance company, AMBAC:

http://ftalphaville.ft.com/blog/2009/07/28/64231/ambac-clings-to-life/

But for an insurance (bond holder) that may be okay. The question is does the govt. want this on their books?

http://cxa.marketwatch.com/finra/BondCenter/BondDetail.aspx?ID=MDIzMTM5QUE2
_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Thu May 28, 2009 10:35 am    Post subject: Reply with quote

Syncora gets a 15% value:

http://www.reuters.com/article/bondsNews/idUSN2723184720090527

Gotta luv this structured finance:

http://business.asiaone.com/Business/News/My%2BMoney/Story/A1Story20090521-142947.html
_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Thu May 14, 2009 7:20 am    Post subject: Reply with quote

Looks like the very archetypes of the grand corporate chop, the bad banks, don't want to play fair:

http://www.ibtimes.com/articles/20090513/mbia-sued-bofa-jpmorgan-and-16-banks-over-split-divisions.htm
_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Sat May 02, 2009 3:43 pm    Post subject: Reply with quote

The story behind the story...behind the story:

http://ftalphaville.ft.com/blog/2009/05/01/55408/bond-insurers-vs-investment-banks-redux/
_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Tue Apr 28, 2009 2:24 pm    Post subject: Reply with quote

Monoline suspends payouts:

http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/04-27-2009/0005013364&EDATE=
_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Mon Mar 16, 2009 8:09 am    Post subject: Reply with quote

Bailout creep or bank's "ace-in-the-hole"?

Quote:
...The efforts have met limited success. In the fourth quarter, MBIA negotiated commutations or restructuring of four contracts on $2.7 billion of the securities called collateralized debt obligations or CDOs that have been responsible for significant losses. MBIA still holds $27.7 billion of CDOs that contain at least some troubled loans.

Brown has pushed for counterparties to negotiate more commutations.

"In almost all cases, these are the exact same large financial institutions that have already received tens of billions in government money for these exact same losses," Brown said during the company's fourth-quarter earnings conference call last month.

A group of hedge funds that hold bonds insured by MBIA filed a class action lawsuit in New York federal court Wednesday that seeks to reverse the restructuring. A lead attorney for the suit said he is trying to persuade derivatives counterparties to join the suit.


http://money.cnn.com/news/newsfeeds/articles/djf500/200903131723DOWJONESDJONLINE000909_FORTUNE5.htm
_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message
rffrydr
Moderator
Moderator


Joined: 30 Oct 2005
Posts: 16445
Location: Sunny California

PostPosted: Thu Mar 12, 2009 8:43 am    Post subject: Reply with quote

The muni hive off "the height of insidious greed" says hedgefund.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aWECRQ8swSlU&refer=home
_________________
Today is the Tomorrow you worried about Yesterday!
Back to top
View user's profile Send private message

Please log in to view without the ad banners
Display posts from previous:   
Post new topic   Reply to topic    MarketThoughts.com Forum Index -> Market Commentary All times are GMT - 6 Hours
Goto page 1, 2, 3, 4, 5, 6, 7, 8  Next
Page 1 of 8

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by phpBB