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  • It’s official: Ben Carson accepts nomination as next HUD secretary

    The wait is over — Ben Carson accepted the role of secretary of the U.S. Department of Housing and Urban Development, pending congressional approval. But this isn’t news to HousingWire readers, who knew last week that a source close to Carson confirmed that he would accept the nomination. Click the headline to read more.

Lehman settles $6.1 billion Ambac dispute

The estate of Lehman Brothers, the bankrupt investment bank, has settled a $6.1 billion dispute with a unit of Ambac Assurance, the bond insurer, with both parties agreeing to drop claims against each other. It is the second large claim settled by Lehman with a derivatives counterparty in recent weeks, as the estate continues an effort to settle such disputes and avoid costly litigation in a bankruptcy whose payments to lawyers and professionals is already approaching $2 billion worldwide. Ambac had filed a $6.1 billion claim against Lehman in 2009, arguing that Lehman owed money relating to the settlement of credit protection that Ambac had sold to Lehman on packages of residential mortgages. Lehman claimed that after Ambac’s bad assets were taken over by regulators in the state of Wisconsin in March, it was entitled to payments from Ambac relating to the termination of those contracts.

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