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From the Blogosphere
MBIA and Ambac Report Widening Losses
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Both the bond insurers situation is deteriorating...<>
Ambac (ABK) and MBIA (MBI) both reported widening Q3 and 9 month
Ambac reported and announced third quarter 2008 net loss of $2,431.2 million, or net loss of $8.45 on a per share basis. This compares to third quarter 2007 net loss of $360.6 million, or net loss of $3.53 on a per share basis. The increased net loss in the third quarter of 2008 is primarily due to recording net mark-to-market losses on credit derivatives, increased loss provisioning primarily related to second-lien residential mortgage-backed securities (RMBS) insurance ...
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MBIA and Ambac Report Widening Losses
Both the bond insurers situation is deteriorating...<>
Ambac (ABK) and MBIA (MBI) both reported widening Q3 and 9 month
Ambac reported and announced third quarter 2008 net loss of $2,431.2 million, or net loss of $8.45 on a per share basis. This compares to third quarter 2007 net loss of $360.6 million, or net loss of $3.53 on a per share basis. The increased net loss in the third quarter of 2008 is primarily due to recording net mark-to-market losses on credit derivatives, increased loss provisioning primarily related to second-lien residential mortgage-backed securities (RMBS) insurance ...
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MBIA Completes Bond Insurer Trifecta
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We now have Ambac (ABK), Assured Guarantee (AGO) and now MBIA (MBI) handily beating estimates.<>
MBIA (MBI), the holding company for MBIA Insurance Corporation, today reported a net loss of $706.4 million, or $3.37 per share, for the first half of 2008, compared with net income of $410.4 million, or $3.07 per share, during the same period in 2007. For the second quarter, net income was $1.7 billion, or $7.14 per share, compared with $211.8 million, or $1.61 per share, for the same period of 2007. Net income in the quarter was driven primarily by unrealized gains on insured credit derivatives,...
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MBIA Completes Bond Insurer Trifecta
We now have Ambac (ABK), Assured Guarantee (AGO) and now MBIA (MBI) handily beating estimates.<>
MBIA (MBI), the holding company for MBIA Insurance Corporation, today reported a net loss of $706.4 million, or $3.37 per share, for the first half of 2008, compared with net income of $410.4 million, or $3.07 per share, during the same period in 2007. For the second quarter, net income was $1.7 billion, or $7.14 per share, compared with $211.8 million, or $1.61 per share, for the same period of 2007. Net income in the quarter was driven primarily by unrealized gains on insured credit derivatives,...
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