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...After settling the MBIA case, Credit Suisse still faces a handful of other RMBS actions....
...After the island’s governor admitted that the island’s debt was unsustainable, shares in bond insurers MBIA and Assured Guaranty fell hard — the former by 40 per cent. MBIA has form here....
...In 2013, bond insurer MBIA lost a lawsuit claiming that Patriarch had not obtained ratings for some of the CLOs....
...A half-decade after MBIA and fellow bond insurers rocked the US municipal bond market after buckling under risky mortgage debt that they had also guaranteed, MBIA is poised to start insuring “munis” anew...
...Bond insurer MBIA jumped 11.4 per cent to $14.84 after it said it reduced its exposure to soured loans in the fourth quarter. Profits in the period fell 79 per cent from a year earlier to $132m....
...MBIA, through its subsidiary National Public Finance Guarantee Corp, has insured $5.3bn of Puerto Rican municipal debt; Assured backstops $5.5bn....
...The Charlotte-based bank said it would pay $1.6bn in cash and give up $100m in MBIA bonds....
...On Monday, it was all resolved with BofA agreeing to pay MBIA $1.7bn. Both will benefit. MBIA shares rose 45 per cent to $14....
...Prosecutors allege Mr Gilchrist falsely stated on SEC and government ethics forms that he sold his holdings in Bank of America, Citigroup, Morgan Stanley, Ambac and MBIA – stocks that are prohibited under...
...also giving MBIA a path forward.”...
...MBIA and Assured are among several insurers at the centre of the fight to restructure Detroit’s $18bn of liabilities....
...Shares in MBIA soared after the ruling to close up 24 per cent at $12.78....
...During the boom, MBIA insured bonds bundling Countrywide home loans. Ensuing defaults have produced about $5bn of damages for MBIA....
...(Financial Times) BofA reaches mortgage settlement with MBIA: “Bank of America agreed to pay $1.7bn to MBIA, the bond insurer, settling a long-running legal battle and sending shares in both companies sharply...
...While you’re waiting for a call from Uncle Lloyd to find out if you’ve made partner, come have a chat with us about US macro, Cisco earnings and what they mean for the US, the MBIA/BofA standoff, the latest...
...MBIA later collapsed, the inquiry was concluded without consequence, and Mr Ackman went on to launch Pershing Square, his current $12bn hedge fund....
...Our longs underperformed the on-the-run indices as they contain specific high-risk names in the old series (CDX.IG.9 contains Radian, MBIA, Countrywide, ILFC, iStar Financial, RR Donnelly; ITraxx.S9 contains...
...Using quotes from the time: MBIA Insurance Corp — currently costs $3.5m today, plus $500k per year, to insure $10m of notional against default for 5 years Radian Group Inc – $4.6m upfront, etc....
...disadvantage bondholders, but we are very concerned with the administrative risk associated with the wind-down process,” said Adam Bergonzi, chief risk officer at National Public Finance Guarantee Corp, a unit of MBIA...
...MBIA alleged that Countrwide committed fraud and misrepresented the quality of loans underlying securitisations that MBIA insured....
...MBIA Insurance Corp, Radian Group Inc, Sprint Nextel and R.R. Donnelley & Sons are all in there....
...MBIA sued Countrywide, the mortgage issuer acquired by BofA in 2008, alleging that the company committed fraud and misrepresented the quality of loans underlying securitisations that MBIA insured....
...MBIA declined to comment....
...The bank surprised analysts with a lower than expected fourth-quarter loss of $227m, driven mostly by one-off items – including a $1.7bn charge related to ending swap contracts with bond insurer MBIA....
...MBIA sued Credit Suisse, alleging the bank fraudulently sold securities backed by loans that did not meet underwriting standards....
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