Ambac
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Companies have long had to disclose legal liabilities in their regulatory filings, but a friendly reminder of these rules from the the SEC drove these disclosures, reports the WSJ . “Since 1975, companies have been required to set reserves for probable losses whose approximate amount is known. The rule says that when there is a reasonable possibility of a loss, companies don’t have to reserve for it but they must disclose it and do their best to estimate the amount. “The Securities and Exchange Commission gave companies a pointed reminder of that rule in October, when it sent a “Dear CFO” letter to various financial-services companies, and recently followed up with detailed questions.
Tracking Potential Bank Litigation Losses - Deal Journal - WSJ
Invol DIP financing
Criminal investigation into failed insurance company ongoing
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Securitization Flaws May Lead Investors to Fight Mortgage Deals - Bloomberg
Potential paperwork errors on some of the $1.34 trillion of securitized home mortgages may give investors an opening to challenge the legality of deals, threatening to unnerve financial markets, according to Joshua Rosner , managing director at Graham Fisher & Co. Some loans to borrowers with poor credit before 2007 may not have been transferred to mortgage trusts in the manner required by their pooling and servicing agreements. That raises questions about the ownership of the loans and may allow investors to force lenders to buy back the securities, Rosner wrote yesterday in a note to clients. Enlarge image Jonathan Alcorn/Bloomberg
mortgage securitizations
NEW YORK | Fri Feb 11, 2011 1:29pm EST NEW YORK (Reuters) - The Justice Department filed a federal suit over the restructuring of bond insurer Ambac, saying that a state court did not have the power to prevent the federal government from collecting potentially more than $700 million in taxes. Ambac Financial Group ( ABKFQ.PK ), a failed bond insurer, won state court approval last month that will allow it to overhaul its insurance unit Ambac Assurance Corp. In the suit, the government sought to stop Ambac's rehabilitation process from going forward, saying that it could make permanent a temporary injunction issued by the state court last fall against the IRS going after the taxes. It wants the court to make clear that the Federal government's efforts to collect these taxes is not blocked by the plan.
U.S. sues to block Ambac rehabilitation plan: filing | Reuters
Cases for the following counties: Ashland, Barron, Bayfield, Buffalo, Burnett, Chippewa, Clark, Douglas, Dunn, Eau Claire, Iron, Jackson, Juneau, La Crosse, Lincoln, Marathon, Monroe, Oneida, Pepin, Pierce, Polk, Portage, Price, Rusk, St. Croix, Sawyer, Taylor, Trempealeau, Vernon, Viola, Vilas (town), Washburn, and Wood.
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Ambac seeks to settle with Wisconsin, creditors, lawyer says - JSOnline
Ambac Financial Group Inc., the bankrupt holding company for a failed bond insurer, is in talks with creditors and regulators over how $7.3 billion in net operating losses are allocated, an Ambac lawyer said in court. Separately, Daniel Filor, a lawyer for the U.S. attorney's office, told the judge that the government believes a dispute over Ambac Financial's tax refund should be moved from bankruptcy court in New York to federal district court. Ambac's principal insurance unit, Ambac Assurance Corp., was taken over by regulators, where the office of Wisconsin's insurance commissioner, known as OCI, is overseeing a rehabilitation of its $50 billion portfolio of policies that insure residential mortgage-backed securities. "We're in trilateral negotiations with the committee and OCI with respect to a global solution," Ambac attorney Todd Padnos told U.S. Bankruptcy Judge Shelley Chapman in New York today.
Why Ambac's Subprime Securities Suit Settlement is Noteworthy : The D & O Diary
In its December 15, 2010 filing of Form 8-K ( here ), Ambac Financial Group announced that it had entered a memorandum of understanding to settle the subprime-related securities class action lawsuits pending against the company and certain of its directors and officers for a payment of $27.1 million, of which $24.6 million is to be paid by the company’s D&O insurers. UPDATE: An informed source advises that in addition to the settlement on behalf of Ambac and its directors and officers, the plaintiffs in this case also entered a separate $5.9 million settlement with Ambac's offering underwriters, bringing the total value of this settlement to $33 million. The settlement is interesting in and of itself, but it is also interesting for the perspective it provides on the mountain of remaining unresolved subprime and credit crisis-related securities suits, as discussed below.
Accusations Fly in a Faulty-Mortgage Lawsuit - WSJ.com
Banks, insurers and investors jostling over who should shoulder painful losses on subprime loans might soon get some tactical ammunition from a lawsuit working its way through a federal court in Richmond, Va. The 17-month-old suit was filed by a unit of SunTrust Banks Inc. against the mortgage-insurance arm of American International Group Inc. after the insurer denied SunTrust's claims for bad loans. The dispute is one of several legal fights over risky mortgages made during the housing boom that have entered what is known as the discovery phase.
Ritholtz: Too Bad Banks Missed Out On the GM Treatment - CNBC
GM history in the second half of the 20th century is a story of executive arrogance, missed opportunities, poor decision-making and reckless finance. After WW2, everyone was making money hand-over-fist, and GM [ GM 23.31 0.31 ( +1.35% ) ] became known as “Generous Motors.” Starting in the mid-1950s, rather than risk a strike that could slow production and sales, GM chose to kick the can down the road. When it came to wages, and benefits, the execs made the union contracts, guaranteed pension benefits, health care costs someone in the future’s problem.Mike Lux: The Big Banks' Battle Against Consumers and Homeowners
There is a battle going on -- a big one -- and big battles have a lot of fronts. The big banks are doing whatever they can to fight back against consumers and homeowners who are desperately trying to curb the bankers' abuses. The number of different fronts that have been opened up keeps growing. Here are just a few of the most important ones: 1. In D.C., the biggest battle is over the new Consumer Financial Protection Bureau.
The second congressional hearing on the foreclosure mess -- to be held Thursday at 10 a.m. by Rep. Maxine Waters's Subcommittee on Housing and Community Opportunity -- may provide some insight into the history of robo-signing and the perhaps more serious issue of title transfers. The very robust witness list includes representatives from the patchwork of federal regulatory agencies that share responsibility for overseeing banks. John Walsh's testimony is likely to be of special interest since he's in charge of the Office of the Comptroller of the Currency, the primary regulator of the large banks that froze foreclosures. On the second panel, R.K. Arnold's testimony will be closely watched by consumer groups and homeowner attorneys who have challenged the validity of mortgage transfers that are tracked by MERS.
Political Economy - Obama economy officials, bank execs and mortgage electronic registry head to hot seat on Capitol Hill
Ambac Financial’s Rehabilitation Plan Raises Concerns - NYTimes.com
But never has this been clearer than in the aftermath of the . Small banks that took no part in reckless lending are saddled with higher costs because of the bailout used to rescue big banks that messed up; individuals who scrimped and saved during the boom are being hurt by interest rates kept artificially low to rescue the economy. Yet another situation involving haves and have-nots is evident in the workout plan covering policyholders of the Ambac Assurance Corporation, the Ambac Financial Group subsidiary that insured municipal and structured finance obligations.Wisconsin Insurance Commissioner Sean Dilweg Takes Action to Protect Ambac Assurance Corporation... -- MADISON, Wisc., Nov. 8, 2010 /PRNewswire-USNewswire/ --
MADISON, Wisc ., Nov. 8, 2010 /PRNewswire-USNewswire/ -- The Wisconsin Office of the Commissioner of Insurance (OCI) today took action to protect policyholders and creditors of the Segregated Account of Ambac Assurance Corporation (Segregated Account). OCI filed a Motion for Temporary Supplemental Injunctive Relief in the Dane County Circuit Court in Wisconsin . Commissioner Sean Dilweg said that immediate action by the Court was necessary to protect policyholders and other claimants from potentially significant reductions in the available claims-paying resources for Ambac Assurance Corporation (AAC) and the Segregated Account.Illustration by Antony Hare I came up with the idea for this consumer financial-protection agency,” says Elizabeth Warren, President Obama’s controversial new head of the very thing she invented. “It’s mine. I wrote it up when nobody was paying attention. I didn’t have one of the five plans for how we were going to make changes.
Why Elizabeth Warren Could Be Obama’s Best Hope to Get the Masses Back on His Side -- New York Magazine
IAIS - International Association of Insurance Supervisors - International Association of Insurance Supervisors
Career opportunity with the IAIS The IAIS is inviting applications for a position as Associate Administrator . Closing date: Friday 13 April 2012. Read .Stat0611
Setting up a Seperately Segregated Fund for Rehabilitation / restructuring by Oct 13
Ambac Ch 11