FGIC: Let Us Split in Two
Privately held bond insurer Financial Guaranty Insurance Co. (FGIC) asked the NYS Insurance department to allow them to cleave them in...
The Monolines Are F#@%ed!
If you had any doubts that the Monolines (Ambac, MBIA, FGIC) were f$%#ed before, well, they should be totally eliminated from your mind...
1-888 Foreclose-B-Gone !
We heard a lot of hoohah about the new mortgage workout plan, including the 30 day foreclosure freeze, and the toll free 1-888-995-HOPE...
Quote of the Day: Bill Gross on Monolines
Bill Gross, in the FT, asks some rather intriguing questions late last week: "How could Ambac (ABK), through the magic of its...
Global Financial Crises, Part II: Norway 1987
Yesterday, we looked at 5 Historical Economic Crises and the USA. That discussion led to a reader in Norway referring us to this 2005...
5 Historical Economic Crises and the U.S.
Earlier this week, I received a copy of a paper co-authored by Carmen Reinhart of the University of Maryland and Kenneth Rogoff of...
Quote of the Day: Warren Buffett
Warren Buffett has accused major investment banks of creating their own downfalls:> "It’s sort of a little poetic justice,...
Bear Stearns Makes $1 Billion Bet on Subprime Market Decline
Talk about late to the party! Bear Stearns, which made a disasterous series of sub-prime bets, has found religion. They have now bet a...
Mortgage Bond Ratings Change: “Too little, too late.”
Glad to see someone else is paying attention: New York State Attorney General Andrew Cuomo’s office has issued subpoenas to...