Ambac Rocky Balboa oder chapter 11

http://www.businesswire.com/news/home/...asota-County-FLs-CST-Revenue

Wertpapier: Ambac Financial Group

storm 300018: Revenue Bonds 'AA+'; Outlook Stable

#4027

18.11.10 17:12

Fitch Rates Sarasota County, FL's CST Revenue Bonds 'AA+'; Outlook Stable

Optionen

Wertpapier: Ambac Financial Group

Grisu007a: @storm Posting 4026

#4028

18.11.10 17:14

zu Deinem letzten Link.....das ist ja mal ein interessanter Satz

"AFG, as it turns out, is the latest project of Treasury Secretary Tim Geithner, who wants to again protect the largest bank dealers and the market in over-the-counter derivatives from legal discipline. "

Ich verstehe das so, dass Geithner die Banken schützt und lieber AFG über die Wupper gehen lässt----oder verstehe ich da was falsch?????

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Boardmail an "Grisu007a"

Wertpapier: Ambac Financial Group

Grisu007a: Mein posting

#4029

18.11.10 17:56

ist vielleicht etwas misverständlich...ich meinte nicht, dass Geither ABK jetzt fallen lässt...jedenfalls nicht direkt...
aber wenn er die Banken auf den Pott setzen würde für die Sch..... ,die sie produziert haben....dann müssten die ja ganz quickly Ambac für ihre Falschaussagen bei Abschluss der Versicherungen Kohle rüberschieben.... sprich Ambac hätte erstmal wieder "Cäsh in de Täsch" wie man so sagt :-))

Das tut er offensichtlich aber nicht....die Banken sitzen das ja im Moment irgendwie aus...und das ist halt echt Pecht für ABK (und damit momentan auch für uns)....denn dann läuft jetzt halt der Rechtweg (die Klagen von ABK). Das dauert aber dann halt auch!

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Boardmail an "Grisu007a"

Wertpapier: Ambac Financial Group

Grisu007a: Ambac Assurance geht Banken an

#4030

19.11.10 07:43

jetzt scheint Ambac (zumindest Versicherungstochter) hinsichtlich der Banken etwas direkter aufzutreten.....wollen wir hoffen, dass die Banken einen "valid defect"in der Angelegenheit finden, um "verantwortungsvoll zu handeln" (was auch immer das heissen mag :-) wie Herr Dubrowski von der Bank of America sagte....die Citigroup hat sich gleich jeden Kommentar verkniffen!!!!

Quelle: http://www.finanznachrichten.de/...must-pay-for-rmbs-breaches-020.htm

19.11.2010 03:21
UPDATE 1-Ambac says banks must pay for RMBS breaches

By Tom Hals

WILMINGTON, Del., Nov 18 (Reuters) - Ambac Assurance Corp, whose parent company filed for bankruptcy earlier this month, said on Thursday that banks that assembled a dozen poor performing mortgage bonds that it insured must pay for some of those losses.

Ambac said it was reviewing loans in residential mortgage-backed securities (RMBS) issued by the Countrywide unit of Bank of America and affiliates of Citigroup , among others.

The company may be riding the growing momentum of mortgage 'putbacks' -- forcing banks to buy back mortgage securities -- driven by Pacific Investment Management Co and other big investors. Those investors have forged alliances to fight banks they claim shoveled faulty loans into mortgage bonds.

U.S. mortgage giants Fannie Mae and Freddie Mac have said in securities filings they have been able to cut their losses by billions of dollars with putbacks. JPMorgan Chase has estimated the cost to the banking industry from putbacks could be as high as $90 billion.

Ambac Assurance has stopped writing new business and is undergoing a rehabilitation plan after it insured tens of billions of dollars of mortgage-backed securities that are going bad due to the U.S. housing crash.

The insurer said that after reviewing loan origination files it is seeking to have the banks buy back certain loans that are part of the bonds.

Ambac Assurance 'believes, based on its review, that the sponsors of these securities are obligated to pay sums, which may in certain cases be material,' the insurer said a securities filing.

Jerome Dubrowski of Bank of America said, 'In cases where we determine a valid defect, Bank of America will act responsibly. In cases where we do not determine a valid defect we will vigorously contest the claim and will defend our interests and the interests of our shareholders.'

Citigroup declined to comment.

Ambac Assurance is a unit of Ambac Financial Group Inc , which has filed for bankruptcy.

The parent company strayed from insuring municipal bonds and began guaranteeing RMBS and other more exotic instruments.

In March, Wisconsin Insurance Commissioner Sean Dilweg, who regulates Ambac Assurance, seized $64 billion of its worst policies, including the RMBS business, and placed them in a segregated account.

Ambac Assurance also said it had sued in connection with 17 RMBS for breaches of representations and warranties by the banks that assembled the securities. Most of the RMBS involved in litigation were structured by Countrywide.

(Reporting by Tom Hals. Additional reporting by Al Yoon in New York. Editing by Robert MacMillan and Carol Bishopric) Keywords: AMBAC/

(thomas.hals@thomsonreuters.com; 1-610-544-2712; Reuters Messaging thomas.hals.reuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2010. All rights reserved.

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Boardmail an "Grisu007a"

Wertpapier: Ambac Financial Group

gbrw: hi @,

#4031

19.11.10 08:18

Ambac Überprüfung Darlehen in RMBS, verklagt wegen Verletzung des representionsvon JASON PHILYAW

http://www.housingwire.com/2010/11/18/...-for-breach-of-representions

Optionen

Wertpapier: Ambac Financial Group

gbrw: AMBAC!

#4032

19.11.10 08:38

Mortgage Investoren stehen vor Hürden in Verlustausgleichs
von TAMARA KEITH

http://www.npr.org/2010/11/18/131421546/...urdles-in-recouping-losses

Optionen

Wertpapier: Ambac Financial Group

estel2005: Kauf / Verkaufsverhältniss

#4033

19.11.10 12:20

Xetra-Orderbuch FGP / US0231391089 Stand: 19.11.2010 12:01

Summe Aktien im Kauf Verhältnis Summe Aktien im Verkauf
174.805 1:0,40 70.050

Kann das sein? Kommt Heut die Rakete?

Optionen

Boardmail an "estel2005"

Wertpapier: Ambac Financial Group

micha-123: das interesse scheint

#4034

19.11.10 12:24

wieder zu wachsen???

Optionen

Boardmail an "micha-123"

Wertpapier: Ambac Financial Group

micha-123: hier mal die gesamtaufstellung

#4035

19.11.10 12:26

Brief Stück
0,164 5.000
0,163 5.000
0,16 9.500
0,159 5.000
0,15 12.300
0,148 10.000
0,145 5.000
0,135 10.000
0,134 5.000
0,131 3.250

Quelle: [URL] http://aktienkurs-orderbuch.finanznachrichten.de/FGP.aspx [/URL]

Stück Geld
19.635 0,127
1.000 0,126
6.200 0,125
5.000 0,106
5.000 0,105
5.000 0,101
5.000 0,10
40.669 0,096
2.000 0,081
85.301 0,078

Summe Aktien im Kauf Verhältnis Summe Aktien im Verkauf
174.805 1:0,40 70.050

da muss ja noch einiges weg geballert werden, damit die rakete starten kann ;o)

Optionen

Boardmail an "micha-123"

Wertpapier: Ambac Financial Group

estel2005: Gerichtsverhandlung

#4036

19.11.10 13:56

Heute soll eine G.-Verhandlung stattfinden. Weiß da jemand was von?

Optionen

Boardmail an "estel2005"

Wertpapier: Ambac Financial Group

leopard: @ estel2005 : Gerichtsverhandlung

#4037

19.11.10 14:21

Heute ist letzter Tag zur Gerichtsentscheidung über Rehabilitation.

Wenn das Gericht heute nicht entscheidet, wird es noch extra zwei tage Zeit geben (29 &30.11)

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Boardmail an "leopard"

Wertpapier: Ambac Financial Group

estel2005: Xetra-Orderbuch FGP / US0231391089 Stand: 19.11.

#4038

19.11.10 15:03

Xetra-Orderbuch FGP / US0231391089 Stand: 19.11.2010 14:47

Summe Aktien im Kauf Verhältnis Summe Aktien im Verkauf
372.178 1:0,27 100.611

Optionen

Boardmail an "estel2005"

Wertpapier: Ambac Financial Group

storm 300018: Ambac Says Banks Must Pay for RMBS Breaches

#4039

19.11.10 17:31

...The company may be riding the growing momentum of mortgage "putbacks" -- forcing banks to buy back mortgage securities -- driven by Pacific Investment Management Co and other big investors. Those investors have forged alliances to fight banks they claim shoveled faulty loans into mortgage bonds.

U.S. mortgage giants Fannie Mae and Freddie Mac have said in securities filings they have been able to cut their losses by billions of dollars with putbacks. JPMorgan Chase has estimated the cost to the banking industry from putbacks could be as high as $90 billion...

Correction: Fitch Rates Sarasota County, FL's CST Revenue Bonds 'AA+'; Outlook Stable

Currently outstanding parity series have debt service reserves fulfilled by sureties from Ambac. Pledged revenues for the infrastructure sales tax and five ...

http://www.smartbrief.com/news/aaaa/...2C-E97C-4D00-B79A-6C0BA4EC1D73

Optionen

http://www.lexology.com/library/...18546d-9bf5-433a-aba7-e0ca9fb08c7d

Wertpapier: Ambac Financial Group

storm 300018: Heeeeeeeeres Ambac

#4040

20.11.10 03:29

Heeeeeeeere’s Ambac (and Ambac and Ambac)!

There have been a number of stories about how Ambac filed for Chapter 11 on November 8. However, there’s Ambac and then there’s Ambac and then there’s Ambac. If that all sounds the same to you, we are actually referring to three different Ambacs and the purpose of this blog is to help clear up the market confusion. First there is the Ambac that filed for Chapter 11 on November 8, which is Ambac Financial Group Inc. (AFG). This must mean that the bankruptcy trigger events in the contracts of all of Ambac’s insured counterparties were triggered by the bankruptcy filing, right? Mmmmm you are wrong, derivatives breath. AFG is a holding company, not an insurance company, and the Ambac insurance contracts are at the subsidiary level.

Then there is the Ambac that was petitioned into Wisconsin rehabilitation proceedings on March 24. But wait, that wasn’t actually Ambac, it was the Segregated Account of Ambac Assurance Corporation (the Segregated Account), which was established by the Commissioner of Insurance of the State of Wisconsin in order to hold certain Ambac insurance policies. Surely this means that the bankruptcy trigger events in the contracts of all of Ambac’s insured counterparties were triggered by the opening of the rehabilitation proceedings, that’s gotta be right? Nope, that’s gotta be wrong, may the Bird of Paradise cause your interest rate swaps to be way out of the money. Under Wisconsin law, the Segregated Account is actually a separate insurer so only the policies that the Commish actually transferred into the Segregated Account have been triggered.

So will the real Ambac insurance company please step up? That would be Ambac Assurance Corporation (AAC). AAC is a subsidiary of AFG but AAC is not subsumed within AFG’s Chapter 11 filing, nor could it be given that insurance companies are not eligible for Chapter 11. AAC is also the former issuer of the policies that were transferred to the Segregated Account, but because the Segregated Account is a separate insurer, the rehabilitation proceedings for the Segregated Account do not apply to AAC. In fact, AAC itself is just hanging out, minding its own business and managing its own insurance policies as comfortably as Carnac the Magnificent divining the answer to a question in a hermetically sealed enveloped that has been stored in a #2 mayonnaise jar.

So Who’s on first, What’s on Second, and I Don’t Know? Third base!

Optionen

http://news.firedoglake.com/2010/11/19/...ngers-of-foreclosure-fraud/

Wertpapier: Ambac Financial Group

storm 300018: CRS Report Details Dangers of Foreclosure Fraud

#4041

20.11.10 03:30

Optionen

Wertpapier: Ambac Financial Group

gbrw: hi @,

#4042

20.11.10 11:14

Gericht Filings
18. November: OCI, AAC Briefs An Das Berufungsgericht

http://ambacpolicyholders.com/court-filings/

Optionen

Wertpapier: Ambac Financial Group

gbrw: AMBAC!

#4043

20.11.10 12:23

http://ir.ambac.com/phoenix.zhtml?c=80774&p=IROL-sec

Optionen

Wertpapier: Ambac Financial Group

Marlboromann: AMBAC kommt unter OCI Verbindlichkeiten nach

#4044

20.11.10 22:39

Quelle: http://ambacpolicyholders.com/storage/courtfilings/11182010/… Seite 10 bis 15 in der PDF 22 bis 27 angeben.

By early 2010, it was clear to OCI that even a
successful commutation of Ambac’s ABS CDO exposures
would not alone suffice to protect Ambac’s 15,000
policyholders from its perilous financial situation. (R.74
¶¶ 6-8 (OCI-App. 35-36).) As Ambac’s claims payments and
projected losses mounted, OCI decided that it needed to take
regulatory action to address the growing risk that Ambac
would become insolvent before its in-force policy obligations
were satisfied, and an inequitable and uncontrollable
scramble for assets would ensue. (Id.)
The only realistic option was to commence some form
of rehabilitation proceeding under Chapter 645, Wis. Stats.
(R.74 ¶¶ 8-9 (OCI-App. 36-37).) Rehabilitation is “a very
flexible procedure” that is “appropriate for insurers in serious difficulty, when the problem is no longer easily correctable.”
Wis. Stat. Ann. § 645.32 cmt. (1967).
Rehabilitation grants OCI, as rehabilitator, “full power
to direct and manage, . . . and to deal with the property and
business of the insurer.” Wis. Stat. § 645.33(2). As
rehabilitator, OCI would have the authority to take control of
the insurer, place a temporary moratorium on claims
payments, enjoin the exercise of certain contractual triggers,
and present a plan for rehabilitation to promote the
“[e]quitable apportionment of any unavoidable loss” for the
ultimate benefit of policyholders, creditors, and the public.
Wis. Stat. §§ 645.01(4), 645.05, 645.33. In short, it would
ideally allow for the orderly run-off of Ambac’s liabilities,
and avoid the dislocations experienced by other monoline
insurers such as MBIA and Syncora. (R.1 ¶ 8(c) (OCI-App.
7-8).)

Da steht ganz klar das AMBAC seinen Verbindlichkeiten nachkommt unter der Kontrolle der OCU, dass die Sanierung flexibel ausgelegt werden kann, und das ABK sich der Verantwortung stellt ohne sich wie MBIA oder Syncora zu verrenken.

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Boardmail an "Marlboromann"

Wertpapier: Ambac Financial Group

storm 300018: Banks Face Another Mortgage Crisis

#4045

21.11.10 05:18

Banks Face Another Mortgage Crisis

The government may have bailed out the nation's biggest banks, but now the courts will sort out who gets stuck with mortgage losses. Banks could lose more than $100 billion.

http://online.barrons.com/article/...621671054514.html?mod=BOL_twm_fs

Optionen

http://www.nytimes.com/2010/11/21/pageoneplus/corrections.html

Wertpapier: Ambac Financial Group

storm 300018: Corrections .

#4046

21.11.10 05:19

The Fair Game column last Sunday, about the Ambac Assurance Corporation, a unit of Ambac Financial, misstated the role of Sean Dilweg, the Wisconsin insurance commissioner, in the companies’ reorganization plans. He is overseeing only the rehabilitation of Ambac Assurance, not the bankruptcy of Ambac Financial.

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Wertpapier: Ambac Financial Group

Marlboromann: Chapter 645 Regel für Versicherung Sanierung oder

#4047

21.11.10 08:06

Liquidierung

http://legis.wisconsin.gov/statutes/Stat0645.pdf

Man beachte vor allem die Trennung in die beiden Gebiete. Der Regulator hat ja von der SEC schon bestätigen lassen das die Zahlung per Schuldanleihe ein Non-event ist und damit erlaubt.

Optionen

Boardmail an "Marlboromann"

Wertpapier: Ambac Financial Group

Marlboromann: 645.31 Gründe für eine Sanierung

#4048

21.11.10 08:13

645.31 Grounds for rehabilitation.

(2)
That the commissioner has reasonable cause to believe
that there has been embezzlement from the insurer, wrongful
sequestration or diversion of the insurer’s assets, forgery or fraud
affecting the insurer or other illegal conduct in, by or with respect
to the insurer, that if established would endanger assets in an
amount threatening the solvency of the insurer;

Auf Deutsch:

Dass der Kommissar hat Grund zu glauben,
dass es Veruntreuung von dem Versicherer, rechtswidrige worden
Sequestration oder Abzweigung von den Vermögenswerten des Versicherers, Urkundenfälschung oder Betrug
Auswirkungen auf den Versicherer oder sonstige rechtswidrige Verhalten, durch oder in Bezug
an den Versicherer, dass, wenn festgestellt würde Vermögen gefährden in einem
Menge bedroht die Zahlungsfähigkeit des Versicherers;

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Boardmail an "Marlboromann"

Wertpapier: Ambac Financial Group

storm 300018: Wall Street droht Klagewelle wegen Insiderhandels

#4049

21.11.10 10:14

New York - Die US-Justiz ermittelt einem Zeitungsbericht zufolge in einem der bisher größten Insiderhandel-Skandale an der Wall Street. Wie das „Wall Street Journal“ am Samstag berichtete, werden in großem Stil Klagen gegen Händler und Berater teils namhafter Finanzinstitute vorbereitet. Es gehe um etwa drei Dutzend Institute und Firmen.

http://www.bild.de/BILD/news/telegramm/...er,rendertext=14727520.html

Optionen

Wertpapier: Ambac Financial Group

leopard: @ Marlboromann : 645.31 Gründe für eine Sanierung

#4050

21.11.10 16:30

As Ambac’s claims payments and
projected losses mounted, OCI decided that it needed to take
regulatory action to address the growing risk that Ambac
would become insolvent before its in-force policy obligations
were satisfied, and an inequitable and uncontrollable
scramble for assets would ensue. (Id.)

OCI hat damals im März 2010 für die Rehabilitation entscheiden, weil sie vermutet, dass ambac die Absicht für die insolvenz hatte.

wenn ambac damals zu CH11 gegangen wäre, gingen viele Policyholders mit der leeren Hände raus, weil der Hauptsitz von ACC London-England ist.

Nach englischem Insolvenzrecht erfolgt eine Restschuldbefreiung spätestens nach 12 Monaten.

Ambac hatte damals diese Chance verpasst :(

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