Items Tagged with 'Monoline insurance'


  • Insured Defaults up 10%

    [Update 1: includes clarification of Radian's influence on year-on-year figures] Defaults on privately insured US mortgages are up nearly 10% percent from one year ago. However, defaults fell more than 3% in April from March, by way of comparison. It marked the third consecutive month of decline in primary insurance defaults, since the 106,482 defaults seen in January. After falling more than 6% in March from February, primary insurance defaults slipped to 81,171 in April, according to data released Friday by the Mortgage Insurance Companies of America (MICA).
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  • Moody's Eyes the Chopping Block for Monolines

    As the extent of the damage to monolines from deteriorating mortgage performance continues to unwind, at least one credit rating agency is busy again this week considering downgrades. Moody's Investors Service placed the Aa3 insurance financial strength ratings of monoline Financial Security Assurance on review for possible downgrade. The action comes as the firm's US insured mortgage portfolio continues to deteriorate, affecting its capital adequacy.
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  • Assured Guaranty Gets Ratings Chop

    Fitch Ratings cut the ratings of monoline Assured Guaranty, in another blow to the insurer's ability to do business. Assured is likely to continue to face rating struggles, a particular challenge, since under the terms of monoline operations, an insurer can not insure anything that carries a superior rating. This means that Assured Guaranty, cut from triple-A to double-A will not face the opportunity to insure prime bonds, even in the municipal space, the traditional playground of monoline activity before the firms moved into mortgage-related bond assurance.
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