Lance on Jun 20 2008 | Filed under: today's links
MBIA has been downgraded by Moody’s all the way to A2. Ambac is AA3. That makes their insurance useless, and in all probability that means they are now nothing more than vehicles for paying off the claims of their existing contracts. The Muni issuers will terminate their contracts, the underlying credits are already better than [...]
Lance on Jan 28 2008 | Filed under: Economics, Latest data
From The Big Picture
Banks May Need $143 Billion for Insurer Downgrades: Banks that raised $72 billion to shore up capital depleted by subprime-related losses may require another $143 billion should credit rating firms downgrade bond insurers, according to analysts at Barclays Capital. Banks will need at least $22 billion if bonds covered by insurers led [...]
Lance on Jan 17 2008 | Filed under: Developing Markets, Economics, Emerging Markets, Federal Reserve, Housing Market, Latest data, Risk
Ben Bernanke gives Congress and the President the green light to take steps to stimulate the economy along with a warning:
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