A pair of big bond insurers with more than $10 billion of exposure to Puerto Rican debt have hired restructuring advisers.» Read More
Aug 12- A federal judge could once again push back the start date for the trial on Detroit's exit from the largest municipal bankruptcy in U.S. history after some creditors said on Tuesday a possible settlement is snarling key components of the restructuring plan.
July 23- Momentum is building toward a deal that would make painful losses inevitable for investors holding about $20 billion in bonds issued by Puerto Rico's highway, water and electricity authorities even as some big U.S. mutual funds launch a legal battle to squelch a new law that authorizes a restructuring.
June 30- Puerto Rico's troubles continued to worsen on Monday after mutual funds holding about $1.7 billion in its debt sued the commonwealth while other investors sold the bonds on concerns the island's finances could deteriorate further.
June 30- U.S. mutual funds holding about $1.7 billion in Puerto Rico debt have sued the cash-strapped commonwealth, accusing it of passing a law modeled after the U.S. bankruptcy code that could undermine the rights of American investors.
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.
CEO Brian Moynihan said the bank faces up to an additional $9 billion in costs related to the financial crisis and mortgages beyond its reserves.
Companies making headlines after the bell Monday:
The "Fast Money" traders share their final trades of the day.
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.