Hints and tips:
...Besides two golf courses, a tennis centre and a Ritz-Carlton hotel, it houses several residential communities including Pineapple Hill and Plantation Estates....
...Blackstone, the world’s biggest private equity manager, last year helped finance a $2bn deal to buy Fidelity & Guaranty Life alongside Chinh Chu, a longtime Blackstone executive who had struck out on his...
...Mr Dachille said that AIG’s residential portfolio had been “limited” in large part because it had already been exposed to the housing market through its mortgage insurance business, United Guaranty Corporation...
...Since 2014, Anbang has outbid competitors to snap up the Waldorf Astoria hotel, a US landmark, for $1.95bn; paid $1.6bn for US insurer Fidelity and Guaranty Life; $1bn for a controlling stake in Korean insurer...
...The settlement came on the same day that UBS agreed to pay $358m to Assured Guaranty to settle claims that it underwrote faulty residential mortgage-backed securities....
...The move could mark a return to direct US residential mortgage loan investment....
...Kevin Brown, a spokesman for MBIA, said the subpoenas it had received were seeking information related to lawsuits the bond insurer has filed against banks and mortgage underwriters related to residential...
...Only Assured Guaranty is still writing business and it too has been seriously weakened by its foray into insuring residential mortgages. As incredible as it may seem, there are yet more casualties....
...“Our team will be able to do default loans, residential, commercial, can resuscitate failed properties, etc….very few others will have this reach,” he said. “The market is huge.”...
...According to the investor relations section of the website of FGIC, the bond insurer part-owned by PMI Group and Blackstone: FGIC provides irrevocable and unconditional guaranty of timely payment of principal...
...Residential Insurance Co....
...According to Moody’s, today’s rating action is the result of FGIC’s substantial exposure to US second lien, subprime and other residential mortgage products, and Moody’s expectation for materially higher...
...Second is the continued deterioration of the firm’s insured portfolio of largely structured credits, with stress reaching sectors beyond residential mortgage-related securities....
...The world’s biggest lender to local councils made a loss of €3.3bn in 2008, with its problems stemming from more than €11bn of exposure to US residential mortgage-backed securities....
...In the case of FSA, owned by Belgium’s Dexia, Moody’s said it had concerns about exposure to residential mortgage-backed securities....
...Moody’s Investors Service has increased its projections for losses on residential mortgage-backed securities, a move that could result in “multi-notch” credit rating downgrades for bond insurers such as...
...Moody’s stated that because both Ambac and MBIA are meaningfully exposed to the risk of US subprime mortgages and other residential mortgage products, the revised assumptions are expected to have a significant...
...Moody’s said it had concerns about FSA’s exposure to residential mortgage-backed securities....
...SCA and its financial guaranty subsidiaries reflect significant adverse loss development in the company’s structured finance collateralized debt obligation (SF CDO) and residential mortgage-backed securities...
...to A1, from Aaa, the insurance financial strength ratings of CIFG Guaranty, CIFG Europe and CIFG Assurance North America, Inc....
...In addition, the fair value of guaranty obligations increased by approximately $16bn. The outlook: Fannie Mae expects severe weakness in the housing market to continue in 2008....
...The rating actions were prompted by worsening expectations for the performance of insured nonprime residential mortgage backed securities and CDOs of asset backed securities....
...The reinsurance will not extend to any of Ambac’s residential mortgage-backed securities or collateralised debt obligations, but will cover other structured and municipal debt, Ambac said....
...He suggests that his team take long positions on Assured Guaranty credit by selling protection on the monoline, which he thinks has been unfairly punished by a nervous market....
...outcomes in the event of market crises such as that in US residential mortgages and CDOs holding these mortgages....
International Edition