BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[MBIA calls latest Ackman proposal 'no more credible' than open-source model]]>http://www.bloggingstocks.com/2008/02/21/mbia-calls-latest-ackman-proposal-no-more-credible-than-open-s/http://www.bloggingstocks.com/2008/02/21/mbia-calls-latest-ackman-proposal-no-more-credible-than-open-s/http://www.bloggingstocks.com/2008/02/21/mbia-calls-latest-ackman-proposal-no-more-credible-than-open-s/#commentsFiled under: , , , ,

Bond insurer MBIA (NYSE: MBI) said hedge fund founder William Ackman's proposal for a restructuring of U.S. bond insurers is no more credible or viable than his flawed open-source model, The Wall Street Journal reported [subscription required].

"Like Mr. Ackman's open-source model, his statements in the media and the barrage of letters he has sent to regulators and the rating agencies -- which contain half truths, innuendo and faulty analysis -- this proposal is simply a continuation of Mr. Ackman's campaign to profit from his short positions and credit default swaps in the bond insurance industry," MBIA said. MBIA added that it is continuing to work with New York State Superintendent of Insurance Eric Dinallo and his advisers to evaluate options for maintaining the highest rating for its policyholders.

Furthermore, MBIA, the nation's largest bond insurer, said it agrees with a spokesman for the New York Insurance Department who said Ackman's proposal would split the company and likely lead to a substantial downgrade for the structured side.

Continue reading MBIA calls latest Ackman proposal 'no more credible' than open-source model

MBIA calls latest Ackman proposal 'no more credible' than open-source model originally appeared on BloggingStocks on Thu, 21 Feb 2008 13:22:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ABKAmbacbond insurersbond marketcredit crunchcredit marketsDinallointhenewsMBIMBIAmortgage backed securitiesNew York State Insurance DepartmentSpitzerU.S. Federa ReserveU.S. TreasuryU.s.TreasuryThu, 21 Feb 2008 13:22:00 EST<![CDATA[Banks may need as much as $143 billion if bond insurers are downgraded]]>http://www.bloggingstocks.com/2008/01/25/banks-may-need-as-much-as-143-billion-if-bond-insurers-are-down/http://www.bloggingstocks.com/2008/01/25/banks-may-need-as-much-as-143-billion-if-bond-insurers-are-down/http://www.bloggingstocks.com/2008/01/25/banks-may-need-as-much-as-143-billion-if-bond-insurers-are-down/#commentsFiled under: , , ,

Barclays analysts say banks that obtained $72 billion in funding to replenish capital depleted by subprime-related losses may need another $143 billion in capital infusions if credit rating agencies downgrade bond insurers several levels, Bloomberg News reported Friday.

Barclays analyst Paul Fenner-Leitao Banks wrote in a research report published Friday that banks will need at least $22 billion if bonds covered by insurers MBIA (NYSE: MBI) and Ambac (NYSE: ABK) are cut one level from the current AAA and six times that if they are cut four levels, Bloomberg said. The capital amount is based on Barclays' estimates that the banks hold as much as 75% of the $820 billion of the structured securities guaranteed by bond insurers.

Meanwhile, the markets awaited word on New York Insurance Superintendent Eric Dinallo's meeting with banks on a bail-out package for bond insurers. Shares of some key bond insurers fell after Dinallo issued a statement that the negotiations were complicated and would take time, leading some in the market to doubt the New York agency's ability to marshal private resources for the initiative.

MBIA fell 79 cents to $13.61, Ambac gained 15 cents to $11.48, PMI Group (NYSE: PMI) rose 17 cents to $8.97, and MGIC Investment (NYSE: MTG) declined 6 cents to $16.68.

Continue reading Banks may need as much as $143 billion if bond insurers are downgraded

Banks may need as much as $143 billion if bond insurers are downgraded originally appeared on BloggingStocks on Fri, 25 Jan 2008 15:48:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ABKAmbacbond marketcredit marketsDinalloforeclosureshousinginthenewsMBIMBIAMGIC Investmentmortgage backed securitiesMTGNew York State Insurance DepartmentPMIPMI GroupPmiGroupsuprime mortgagesFri, 25 Jan 2008 15:48:00 EST<![CDATA[Dow reverses after word of banks, NY regulator meeting on bond insurer rescue]]>http://www.bloggingstocks.com/2008/01/23/dow-reverses-after-word-of-banks-ny-regulator-meeting-on-bond-i/http://www.bloggingstocks.com/2008/01/23/dow-reverses-after-word-of-banks-ny-regulator-meeting-on-bond-i/http://www.bloggingstocks.com/2008/01/23/dow-reverses-after-word-of-banks-ny-regulator-meeting-on-bond-i/#commentsFiled under: , ,

Key regulators at the New York State Insurance Department met Wednesday with U.S. banks to discuss raising new capital for bond insurers, a department spokesman said, Bloomberg News reported late Wednesday afternoon.

Talks in New York with unnamed banks are part of New York Insurance Superintendent Eric Dinallo's effort to stabilize the bond guarantors and bolster the market's financial condition, New York State Insurance Department spokesman Andrew Mais told Bloomberg News.

Market rallies on insurer meeting

Word of the meeting sparked a remarkable 600-point reversal rally on Wall Street, with the Dow closing the day up 298.98 points to 12270.17. The Dow had been down more than 300 points earlier in the day. The broader markets also rallied.

Continue reading Dow reverses after word of banks, NY regulator meeting on bond insurer rescue

Dow reverses after word of banks, NY regulator meeting on bond insurer rescue originally appeared on BloggingStocks on Wed, 23 Jan 2008 19:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ABKAmbacbond marketcredit marketsDJIAGDPhousingMBIMBIAMGICMGIC Investmentmortgage defaultsNew York State Insurance DepartmentPMIPMI Grouprecessionsubprime mortgagesU.S. economyWed, 23 Jan 2008 19:50:00 EST