A very interesting piece of work on the publicly traded mortgage insurers by an activist hedge fund manager. Well worth the reading.
Informative Blogs
- Mish's Global Economic Trend Analysis
- The Big Picture
- NakedShorts
- Metrics 2.0 : Data-Driven Business & Market Intelligence
- Wall Street Journal
- The Hedge Fund Implode-O-Meter - tracking the hedge fund implosion - leverage, speculation, arbitrage, interest rates, credit bubble
- The Mortgage Lender Implode-O-Meter - tracking the housing finance breakdown, related to Alt-A and subprime mortgages, lending fraud, predatory lending, housing bubble, mortgage banking, foreclosures, debt, consolidation, lawyers, class-action lawsuits
- Institutional Economics: ‘Light Reading It’s Not’ - Forbes
- Information Arbitrage
- The Real Deal - The Real Deal Weekly Interview
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RGE Monitor : Nouriel Roubini Blog
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September 03, 2007
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Sept. 25 (Bloomberg) -- Bond insurers, including those owned by AMBAC Financial Group Inc. and FGIC Corp., may need to raise capital to maintain their top credit ratings if losses worsen on subprime mortgage securities, Moody's Investors Service said.
Under what Moody's called its most stressful scenario, losses on securities backed by subprime mortgages could reach 14 percent, causing AMBAC, FGIC, Security Capital Assurance Ltd. and CIFG Assurance North America Inc. to fall short of the capital needed to keep their Aaa ratings. The most likely source of losses would be from guarantees on collateralized debt obligations, which may be backed by subprime mortgage securities. The stress test is higher than Moody's expected loss rate of 10 percent under which the guarantors experience no material losses.
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