Ambac Assurance, whose parent company filed for bankruptcy earlier this month, said Thursday that banks that assembled a dozen poor performing mortgage bonds that it insured must pay for some of those losses.
...The company may be riding the growing momentum of mortgage "putbacks" - forcing banks to buy back mortgage securities - driven by Pacific Investment Management and other big investors.
...JPMorgan Chase has estimated the cost to the banking industry from putbacks could be as high as $90 billion.
Sacramento area community musical theater (esp. DMTC in Davis, 2000-2020); Liberal politics; Meteorology; "Breaking Bad," "Better Call Saul," and Albuquerque movie filming locations; New Mexico and California arcana, and general weirdness.
Friday, November 19, 2010
Revolt Of The Insurers
Can't blame 'em:
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