‘Waterfall’ of muni downgrades will trigger rapid sell-off: Whitney

There will be a “waterfall” of credit-rating cuts in the $2.93 trillion municipal debt market as ratings companies scrutinize state and local off-balance sheet liabilities, said Meredith Whitney, the banking analyst. The downgrades will force investors such as insurance companies to sell the securities, presenting an opportunity for other bond buyers, Whitney said on a radio interview today on “Bloomberg Surveillance” with Tom Keene. The analyst fueled a sell-off of tax-exempt debt when she said on CBS Corp.’s “60 Minutes” in December that there could be 50 to 100 “sizable” municipal-bond defaults in 2011 amounting to “hundreds of billions of dollars.”

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Spouse of Quicken Loans executive sues AIME’s Anthony Casa for defamation

Theresa Niemiec, wife of Quicken Loans Executive Vice President Austin Niemiec, has filed a defamation lawsuit against Anthony Casa, CEO of the Association of Independent Mortgage Experts, for comments he made about her in a video message that he filmed and sent to her husband and others in the mortgage industry.

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3d rendering of a row of luxury townhouses along a street

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