Secondary Market/Investors
Ambac: Uh, We Might Need to Rethink Things
By: PAUL JACKSON
January 17, 2008
related
In the wake of Moody’s announcement late Wednesday that it would reassess the ratings of Ambac Assurance Corp., the bond insurer released a press statement today that said its recently-announced plan to strengthen capital may not be enough:
In view of the uncertainty generated by Moody’s surprising announcement, Ambac is assessing the impact of this action on the Company’s previously announced capital plan.
Shares of Ambac have been punished in early morning trading — again — and are down more than 50 percent to $6.15 in heavy selling, as of when this post was originally published.
I’m fairly confident I don’t need to explain what it would mean to the mortgage banking industry if a AAA-rated bond guarantor were to see its ratings dropped.
(H/T: Calculated Risk)
Disclosure: The author held no positions in ABK when this post was originally published.
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Events
2008 Aug 12
Western States Loan Servicing Conference
Annual servicing industry conference hosted by the CMBA; usually well attended on a national level.
2008 Aug 23
Executive Summit on Mortgage Fraud
High-level conference focused on quantifying and managing mortgage fraud. Speakers to include execs from OFHEO, FBI, Fannie, Freddie.
2008 Sep 10 -- 2008 Sep 12
USFN Fall Default Servicing Seminar
Well-attended twice-yearly event series for servicers; closed event for USFN members and invited servicers only.
2008 Sep 17
Five Star Conference
Default and REO industry conference, hosted by trade publication DS News. Heavily attended by REO agents.
2008 Oct 19
MBA Annual Convention & Expo
The annual conference for MBA members and affiliates, and the largest industry event each year.
