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.
A wide range of companies making the 2014 HW Fast50 suggests that — are you ready for this? — maybe things aren't as bad in the U.S. mortgage and housing markets as some breathless press might otherwise suggest. After all, our rankings this year include mortgage insurers, investors, loan servicers, technology specialists and dot-coms, home builders, real estate services companies, mortgage bankers and more..
Last October, HousingWire highlighted several correspondent lenders and gave a broad overview of where this division of mortgage finance was heading. We are happy to report that those lenders are still doing a robust set of business, although the road remains no less rocky. But as we said last year, at least there’s a road to begin with. Read More
As our business moves into a new era of low profitability, increased expenses, and intense regulatory scrutiny, virtually every mortgage executive needs to experiment with ways to increase productivity and CFPB compliance while reducing overall operating costs. Read More