Ambac Financial Group’s net income fell in the fourth quarter 2013 to $68.6 million, or $1.49 per share, from $143.6 million, or 47 cents per share, in 2012, as earnings were impacted by current market challenges.
Bond insurer Ambac Financial filed its second mortgage bond suit against Bear, Stearns & Co. and EMC Mortgage, which are now part of JPMorgan Chase [stock JPM][/stock]. All three entities are accused...
Bond insurer Ambac Financial Group [stock ABK][/stock] reported a net loss of $2.39bn or $8.33 per share for Q209, reflecting higher losses in the portfolio of insured residential mortgage-backed securities (RMBS) transactions.
A look at the stories on HousingWire’s weekend desk…with more coverage to come on bigger issues.
Regulators closed three banks over the weekend, making it 72 total bank failures for 2009. The Federal Deposit Insurance Corp. (FDIC) estimates that the closings will cost a combined $185m.
The Florida Office of Financial Regulation closed the First State Bank in Sarasota, Florida, which costs the FDIC $116m. Stearns Bank will purchase all but $8m of the $387m in total deposits and agreed to buy $451m of the failed bank’s $463m in total assets.
Bond insurer Ambac Financial Group [stock ABK][/stock] this week estimated statutory impairment losses on credit derivatives for its Ambac Assurance segment rose by $1.6bn to a total $4.9bn in Q209.
These losses, which the firm expects to report on August 5, are tied to collateralized debt obligations on asset-backed securities, the underlying collateral of which continues to decline in performance.
The bond insurer brouhaha hasn't yet run its course, with Moody's Investors Service late Monday cutting Ambac Financial Group's [stock ABK][/stock] Ambac Assurance bond insurance unit to junk territory over concerns about rising RMBS losses.
Bond insurer MBIA Inc. [stock MBI][/stock] said late Monday it had recorded a $2.7 billion net loss -- or $12.29 per share -- for the full year 2008, up from the $1.9 billion -- or $15.17 per share -- lost in all of 2007. The company said it saw $1.2 billion lost in the fourth quarter alone, although this figure showed a decline from year-ago levels, when the company posted a $2.3 billion net loss in the fourth quarter 2007.
And then there was one and none -- one, meaning only one remaining AAA-rated monoline bond guarantor; and none, meaning none of the guarantors that started 2008 rated AAA currently carry the rating at each major agency. Moody's Investors Service yanked its top ratings on both Assured Guaranty Ltd. and Dexia SA’s Financial Security Assurance Inc. on Friday, as a new criteria and industry outlook affected the core ratings at each firm.
Wow! That was our reaction to the response we received for this year’s HW TECH100 call for nominations. This year, more than 250 companies submitted a nomination, and we’re grateful for the interest in our efforts with this unique program..
In the tech world a “stack” refers to all the elements of something. For the mortgage industry, the idea of the single stack is that one platform (digital, automated and based in the cloud) can either meet all of the functional requirements involved in assembling a mortgage, or can serve as an efficient moderator for the process via open APIs (application programming interface), which are now taking off within the mortgage industry. Read More
Nothing reeks of hypocrisy more than the regulator ignoring regulations, but the CFPB has racked up plenty of violations in the last year. And we’re not talking about small, nitpicky examples, but instances that have real-life consequences. If a lender or servicer were to violate any of these standards, they could expect swift and harsh punishment from the CFPB. Read More