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Market seems to asleep to the fact that FGIC has now been downgraded by two rating agencies . I assume that now banks will need to writeoff holdings and municipal bonds will have to be sold by funds that hold "aaa only" bonds. $315 billion in insured bonds by FGIC - #3 bond insurer. More...

on conference call MBI said "no assurance they will meet raised capital requirments by rating agencies in the future if it doesn't make economic sense" Sounds like ABK. Not Pretty.

Spitzer seeks "smart way" to help bond insurers By Joan Gralla NEW YORK (Reuters) - New York Gov. Eliot Spitzer on Thursday said he and the state insurance superintendent were making "good progress" on a plan to stabilize bond insurers, adding he was being careful not to get ahead of the...

MBIA Announces Closing and Funding of $500 Million Investment from Warburg Pincus; David A. Coulter and Kewsong Lee Join Board of Directors; Richard Walker Resigns from Board to Avoid Potential Conflict of Interest http://biz.yahoo.com/bw/080130/20080130006403.html?.v=1

I wonder if S&P is behind the curve. I think the banks have written off stuff based on ABX indices - not based on rating. I could be wrong.

I believe Dinallo can step in anytime in the name of BONDHOLDERS. He said as much on Mad Money a while back.

Frankly the biggest news today may have been from Oppenheimer's piece and Merrill Lynch who clearly defined their exposure! THIS IS WHAT THE MARKET HAS BEEN WAITING FOR! another 2-3bil writeoff for MER? lol bring it on! The only other downside risk to this market is the non related...

Bond Insurers May Be Downgraded As Soon As Today Wall Street bond rating agencies could downgrade two big bond insurers, Ambac Financial Group and MBIA, as early as today even though New York state insurance regulars would like to get a postponement until the state can develop a bailout...

S&P Lowers or May Cut Ratings on $534 Billion of Mortgage Debt By Emma Moody Jan. 30 (Bloomberg) -- Standard & Poor's lowered or may cut ratings on $534 billion of residential mortgage securities and collateralized debt obligations. The securities represent $270.1 billion, or 6,389...

Yes. Feels like we are getting close to decision time. Something has to give one way or the other very soon.

gasparino saying downgrades imminent.

On Bloomberg David Dremen says short ABK MBI.

As Merrill discussed earlier this month, its net exposure to collateralized debt obligations hedged by monoline insurers is about $3.5 billion. Thain said if monolines "disappeared from the face of the earth" -- which he didn't expect to happen -- they would owe Merrill Lynch about $6...

NY regulator, banks eye individual guarantor fixes Mon Jan 28, 2008 4:12pm EST NEW YORK, Jan 28 (Reuters) - Banks and the New York State Insurance Department are more likely to look for individual fixes for ailing U.S. bond insurers than an industry-wide bailout, a person briefed on...

NY regulator hires Perella for bond insurers Mon Jan 28, 2008 3:05pm EST The New York State Insurance Department has hired Perella Weinberg Partners to advise on bond insurers, a spokesman for the department said on Monday. Bond insurers, who guarantee more than $1 trillion of...

Fast Money says word on street is Ross not buying ABK. http://www.cnbc.com/id/22842499/?__source=yahoo%7Cheadline%7Cquote%7Ctext%7C&par=yahoo

The thing is the shareholders are running the show and can (for the moment) drag this out. Time is now against the shorts here since ABK called the rating agencies bluff. I don't like the stocks either way here. To me the broader implications for the market are of interest.

Interesting commentary by Morningstar on Bloomberg re: bond insurers. Say that bond insurers could survive under AA until capital is built up from premiums to regain AAA. If this is the path that bond insurers took it would put them @ direct odds with banks and other holders of rated bonds as...

French Police Search Societe Generale Saturday January 26, 7:07 am ET By Angela Charlton, Associated Press Writer French Police Search Societe Generale in Probe of Fraud Blamed on Rogue Trader PARIS (AP) -- The chief executive of France's second-largest bank insisted in an interview...

Bond insurers seen needing up to $200 bln to remain viable Fri Jan 25, 2008 3:38pm EST NEW YORK, Jan 25 (Reuters) - Bond insurers may need up to $200 billion to remain viable, according to analysts, and a government-brokered rescue effort described as being worth $15 billion was dismissed...