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24 January 2008

AAA Ball

Now there's a shock. Did anyone really think that just $15 billion would somehow avoid the financial train wrecks now known as Ambac and MBIA?

America's biggest mortgage bond insurers collectively need a $200 billion (£101 billion) capital injection if they are to maintain their key AAA credit ratings, a figure that dwarfs a plan by New York regulators to put together a capital infusion of up to $15 billion, a leading ratings expert said yesterday.

The ratings expert is hardly the alpha and omega of company ratings, of course. But it is clear what Ambac and MBIA have insured a whole lot of junk: collateralized debt obligations and mortgage-backed securities, none of which is getting better as the housing crisis deepens. And just wait until the option ARMs start resetting in earnest in the next 12 to 24 months.

Labels: Ambac, MBIA, stupid financial tricks

Posted by Tim W at 1/24/2008 10:20:00 PM

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