Detroit has reached a settlement with bond insurers over treatment of the city's bankruptcy debt, emergency manager Kevyn Orr told CNBC.» Read More
WASHINGTON, April 9- Detroit on Wednesday struck a deal with a core group of creditors that could ease concerns about the treatment of certain bonds in its landmark bankruptcy case and pave the way for compromises with other creditors.
April 9- Detroit has reached a settlement with bond insurers over the treatment of some bonds in the city's bankruptcy, and a court-appointed mediator is expected to announce the details later on Wednesday, a spokesman for the city said.
NEW YORK, March 18- Standard& Poor's upgraded bond insurer MBIA Inc on Tuesday, saying it expects the company to gain market share and resume its prior role as a strong player in guaranteeing U.S. municipal debt.
NEW YORK, March 3- JPMorgan Chase& Co will pay $400 million to settle lawsuits brought by bond insurer Syncora Guarantee Inc over toxic mortgage-backed securities, according to the insurer. Brian Marchiony, a spokesman for JPMorgan, declined on Monday to comment on the Syncora settlement.
SAN FRANCISCO, Nov 4- When Stockton, California, filed for bankruptcy last year, the stage was set for a precedent-setting battle with Wall Street over whether bondholders or retired public employees should pay the price when a local government goes broke.
If Detroit gets its way in bankruptcy court, the cost of borrowing for cities and states could spike, the CEO of bond insurer Assured Guaranty warns on CNBC.
Dominic Frederico, CEO, Assured Guaranty Ltd., talks about his company's exposure in light of Detroit's bankruptcy. The solution has to involve growth, at some level, says Frederico. With Wilbur Ross.
Detroit has become a pariah of the muni world, but analysts are holding out hope that the nation's largest government bankruptcy isn't contagious.
Detroit said it would stop making some debt payments and asked creditors to accept pennies on the dollar to help it avoid the largest municipal bankruptcy filing in US history.
There's a lot on the agenda as Detroit's emergency financial manager tries to meet a deadline to decide whether the city and escape a bankruptcy filing.
Investors are positioning for a rally in Assured Guaranty, which trades for barely half its book value.
NEW YORK, Oct 10- Flagstar Bancorp Inc had to know by 2009 that hundreds of loans it originated didn't meet underwriting guidelines when it sold $900 million in mortgage-backed securities to investors, a lawyer for a bond insurer said on Wednesday.
Ambac Financial Group, the bond insurer that last month won court approval to emerge from bankruptcy, has sued JPMorgan Chase to recover losses on mortgage securities that it insured and were made by the former Bear Stearns.
Billionaire investor Wilbur Ross told CNBC Tuesday he was not perturbed by last week's volatile market swings.
If there’s one takeaway from the banks’ first-quarter earnings this week, it’s got to be this: Mortgages are still a real problem.
Stocks ended higher as investors took heart from strong economic news and shrugged off disappointing quarterly results ahead of a big week of earnings. Merck and DuPont led the Dow higher, while BofA fell.
Stocks lost a little steam in the final hour of trading as technology companies slid, although investors remained encouraged by several upbeat economic report. Merck and DuPont gained, while BofA fell.
"Mortgage is again becoming another ‘why bother’ issue for the sector. Narrowly, everyone has to run screens on whose quarter may suffer from lower revenues. Broadly, mortgage fines, consent orders and lawsuits lead to tighter underwriting, which leads to lower home prices because no one can get a mortgage," said Nomura analyst Glenn Schorr. ...A report from TheStreet.
Options expiration day. Global markets are mixed, futures down fractionally, as the Greek Prime Minister said restructuring of the debt was not going to happen (no one seems to believe him). This is not a bad start, considering earnings season has not started with a bang.
Investors are concerned about a range of issues, from Europe's burdensome debt to stricter US regulations. As a result, inexpensive stocks are now even cheaper. Here are 10 US stocks that trade at massive discounts to the broader equity market and their peer groups.