Ambac Rocky Balboa oder chapter 11

Die koruppten Banken werden fast 20 millarden Abfindung zahlen. Das Geld geht meistens an die Hausbesitzter, damit sie ihre Hypoteken- RMBS wieder einzahlen können.

Postive Wirkung wird für die RMBS Versichere wie Ambac oder MBIA, weil viele giftige RMBS wieder ihre wahre Wert erhalten.

Ambac hat grösste Verluste bei den RMBS Papier erlitten

The main regulator for the largest U.S. banks is preparing to break from state authorities and move first to settle with lenders over their foreclosure practices, according to a source familiar with the process.        The settlement from the Office of the Comptroller of the Currency could come in the next couple weeks, the source said and would dash hopes for a comprehensive settlement that could help heal the housing market.         About a dozen federal authorities and 50 state attorneys general have worked for months to reach a coordinated settlement over allegations banks foreclosed with improper documents and cut corners on repossessing homes.        The authorities were working to structure a settlement that would have let banks contain their litigation risk, help homeowners mistreated during foreclosures and remove a cloud of uncertainty hobbling the housing market's recovery.         "It's never great news when there's no coordinated response to the greatest challenge in the economy," said Adrian Cronje, chief investment officer at Balentine, an Atlanta-based wealth management firm.         "It's such a political minefield that I could see something like this might cause the inventory of foreclosed homes to remain high for quite a bit longer."         The source said the OCC, impatient with infighting over the structure of a coordinated settlement, is preparing to move on its own set of fines and business-practice fixes for banks.         The exact details of an OCC proposal are not yet known. OCC spokesman Bob Garsson declined to comment.         Bank of America Corp, Citigroup Inc and Wells Fargo & Co are among the banks in settlement talks.         While a settlement with the OCC would remove one question mark for banks, they could still face myriad suits from investors, homeowners and attorneys general.         Iowa Attorney General Tom Miller, who is heading up the states' probe, issued a statement saying a settlement from the OCC would not derail the AGs pursuit of its own deal with the banks. "While it is unfortunate that the OCC may be heading toward a path of working outside and independently of other federal agencies, state attorneys general, we will continue our efforts to the fullest extent possible," Miller said.         Those threats will keep gumming up the foreclosure process and could keep the housing market's recovery in a holding pattern. Foreclosure tracker RealtyTrac reported that foreclosures in February 2011 were down 27 percent from the same month last year, in large part due to legal uncertainty.              CONSUMERS CAUGHT IN MIDDLE         An independent settlement from the OCC would likely be smaller in scope than a deal envisioned by other U.S. authorities that would have forced banks to pay about $20 billion -- which would be used in part to help struggling homeowners -- and agree to reduce loan balances to keep borrowers in homes.         The OCC settlement is expected to do little to help struggling homeowners, millions of whom are facing mortgages  worth more than their homes.         "The banks, the regulators and the attorneys general are all in a big piddling contest and that leaves consumers in the middle getting wet," said Tony Plath, a banking professor at the University of North Carolina at Charlotte.         Analysts said multiple settlement agreements issued by federal and state authorities would also be the worst-case scenario for the largest U.S. banks, who would have to deal with a deluge of legal threats and reforms.         "The banks would rather their multiple regulators come together and coordinate, but it just seems like that's not happening," said Jefferson Harralson, a bank analyst with Keefe, Bruyette & Woods Inc.                 GROWING TENSIONS         The OCC's potential split is the latest symptom of the contentious, politicized debate about how best to fix the U.S. mortgage market and who should bear the losses for millions of foreclosed homes nearly five years after the housing market began to collapse.         In a sign of growing tensions among the authorities, on March 3, state attorneys general sent banks aspects of a proposed settlement endorsed by some federal agencies, but not the OCC or the Federal Reserve, the main banking regulators involved in the discussions.         The 27-page document proposed changes to how the mortgage servicing industry operates and advocated reducing loan balances for struggling borrowers as a way to help them avoid foreclosure.         Republican lawmakers and some state attorneys general have slammed that 27-page document, calling it an abuse of power.         A separate settlement from the OCC is also an example of the tense history between state attorneys general and the national bank regulator.         In 2005, the OCC sued then-New York Attorney General Eliot Spitzer, alleging Spitzer's office was interfering with the regulator's oversight of banks after he attempted to request bank records for review of potential anti-discrimination law violations.         At the time, Spitzer called the suit "shameful" and one that was designed to shield banks from state scrutiny.         Later that year, a New York federal court judge issued an injunction barring Spitzer from reviewing banks' records.         Analysts said the possible settlement is the latest step in that regulatory fight.         "This is the OCC trying to take this issue back into Washington and take some of the steam away from the states," Plath added.

Wie wiel prozent der Abfindung betrifft die ambacs versicherten RMBS Policy - (besteht aus den Hypotheken),  weisst ich nicht.

Aber eins ist klar. Wells Fargo &  Co   ist Ambacs RMBS policy als Treuhändler erste Stelle oder als Ersteller

sie wird so oder so mit den anderen korrupten Banken wie CITI oder BAC an die Haubesitzer 20 millarden Abfindug zahlen,

damit giftige RMBS Hypotheken und der Hausmarkt in US wieder beleben kann.

OCI hat gestern mit einem gut strukturierten  Gegenantrag gestelt, um die IRSs Klage beim Wisconsin reh. court abgelehnt werden zu könen.

wenn IRSs Forderungen -und Klage nach der Ablehnung vom Dane county court  auch noch beim Wis. Reh. court  ablehnen würde, werden wir , ambac ein grosser Etappensieg erreichen.

Vielleicht kann man für das ganze Story einen Wendepunkt sein!

OCI's Motion to Dismiss IRS's Appeal in the Wisconsin Court of Appeals

OCI's Opposition to IRS's Motions in the Wisconsin Court of Appeals

auf der Seite 2-3 wurde geklärt, warum IRS dieser Problematik nicht an das federal Gericht übertragen darf!

--------------------------------------------------

Andereseite hat IRS die Steuerproblematik an Chicago seventh federal court übertragen. Erst will sie die Entscheidung über ihre Klage bis zum 4. Mai verschieben.

IRS's Motion for Extension of Time to File Seventh Circuit Brief

warum kannst Du Dich nicht mal äußern

 erstmal ein Hallo an alle,

ich bin schon seit langem stiller Leser in diesem Forum und leider auch seit langem in Ambac mit ziemlichen Verlusten

investiert und hoffe und leide mit allen mit.Ich finde es schade und auch etwas beunruhigend das Malboromann momentan

nichts mehr hier von sich gibt, zum Glück sind andere Mitglieder noch sehr aktiv, danke.

Ich weiß das Ambac ein hohes Risiko ist, bin durch CIT mit Totalverlust bestraft worden, aber es zieht sich doch schon

sehr lange hin und fast täglich wird eine "Scheibe" vom "Kuchen"  abgeschnitten. 

von gyuri1975 aus AB:

The Office of the Commissioner of Insurance (OCI)

oci = http://oci.wi.gov/

The Office of the Commissioner of Insurance (OCI) was  created by the legislature in 1871. The original intent of the  OCI</abbr> has not changed drastically over the past 125 years. In  1871, OCI</abbr>
was vested with broad powers to ensure that the insurance industry
responsibly and adequately met the insurance needs of Wisconsin
citizens. Today, OCI's</abbr> mission is to lead the way in  informing and protecting the public and responding to its insurance  needs.
OCI</abbr> performs a variety of tasks to protect insurance  consumers and ensure a competitive insurance environment.  OCI's</abbr> major functions include:

• Reviewing insurance policies that are sold in Wisconsin to make sure they meet the requirements set forth in Wisconsin law;
• Conducting examinations of domestic and foreign insurers to ensure compliance with Wisconsin laws and rules;
• Monitoring the financial solvency of licensed companies to make
  sure that consumers have the insurance coverage they expect when they
  need it;
• Issuing licenses to the various parties involved in selling and marketing insurance products;
  
  Assisting insurance consumers with their insurance problems;
• Researching special insurance issues to understand and assess their impact on Wisconsin;
• Providing technical assistance on legislation and promulgating administrative rules to interpret insurance laws;
• Creating and distributing public information and consumer education pieces to educate people about insurance; and
• Operating a state life insurance fund, a property fund for the
  property owned by local units of government, and a patients compensation
  fund insuring health care providers for medical malpractice.

meinung:

also eine art verbraucherzentrale für versicherte.......!  wahrscheinlich haben die allgemienes interesse das ambac nicht ganz  abtaucht....die versicherten könnten dadurch schaden nehmen?
soll mir recht sein...außerdem denke ich dass die großen Einfluss haben. Man will ja keine privaten Klagen bekommen......


Every state has a safety net to protect insurance consumers from
financial loss in the rare instance that a company becomes insolvent.
This safety net is called a "guaranty fund." The guaranty funds are
established by state law and are composed of licensed companies in the
state. They pay the claims of policyholders and other claimants of an
insolvent company. The money to pay the claims against the insurance
company comes from assessments made against all of the insurance
companies that are members of the guaranty fund.


In Wisconsin, this fund is called the Wisconsin Insurance Security
Fund (Fund). The Fund is created by state law and is funded by
assessments of insurers licensed to do business in Wisconsin. In
general, the Fund protects residents for most claims of licensed
insurers in liquidation. The Fund should not be relied upon to eliminate
all risks of loss to insureds due to insurer insolvency. Some types of
policies may not be fully covered and significant delays could occur in
settling obligations in cases of liquidation.
http://oci.wi.gov/company/wisecfund.htm

zudem wollen sie wohl ihrern guaranty fund nicht schröpfen....!  ambac ist ja auch nicht grad klein....haben vielleicht zusätzlich angst  das mbia eine monopolstellung einimmt. wäre dann wohl schlecht für die  verbraucher bzw. versicherten.......

http://www.finanzen.net/aktien/MBIA-Aktie@pkZeit_10000


weiterer möglicher grund:

wenn ich das hier richtig verstehe bekommen die premium taxes und anual  fees von den versicherungen. anscheinend muss man da eine art  "mitgliedschaft" haben um versicherungen verkaufen zu dürfen. ambac ist  da bestimmt ein fetter fisch...letztendlich muss ja um geldeinnahmen  gehen die der oci verloren gehen würden.

wer nicht zahlt kommt an den pranger-newsletter:

PDF-Dokument

schlussfolgerung:

nach wie vor hält die oci ambac als zahlungskräftigen "kunden" wenn sie sich für uns so einsetzen!
schönen sonntag!

http://oci.wi.gov/epayment/premtax.htm

Ambac Receives Approval for New Lease at One State Street

Ambac Financial Group Inc., the parent holding company for an insurance company partially in rehabilitation, was authorized by the bankruptcy judge last week to enter into a new lease with the landlord for the headquarters in Manhattan’s Wall Street district. For details, click here for the March 4 Bloomberg bankruptcy report.

The insurance subsidiary stopped paying dividends to the parent in 2007 and stopped writing new business entirely in mid- 2008. The Ambac parent filed under Chapter 11 in November. The Ambac parent listed assets of $90.7 million and liabilities totaling $1.624 billion, virtually all unsecured. Almost all the debt is made of up $1.622 billion owing on seven note issues. One issue for $400 million is subordinated.

The state insurance rehabilitation case is In re The Rehabilitation of Segregated Account of Ambac Assurance Corp., 2010cv001576, Dane County, Wisconsin, Circuit Court (Madison). The parent’s Chapter 11 case is In re Ambac Financial Group Inc., 10-15973, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

http://www.businessweek.com/news/2011-03-28/...lehman-bankruptcy.html

JPmorgan hat den Put buy back Prozess gegen Syncora Guarantee verloren. Es geht um 9,871 loan.

Ambac hat auch einen ähnlichen Prozess gegen JP morgan ( EMC Mortgage  Corp, once a unit of Bear Stearns) geöffnet..

Ein ähliches Urteil kann man für den Falls ambac auch erwarten!

http://www.reuters.com/article/2011/03/28/us-jpmorgan-emc-ruling-idUSTRE72R4EU20110328

The ruling against EMC Mortgage  Corp, once a unit of Bear Stearns Cos, comes amid many lawsuits seeking  to force banks to buy back tens of billions of dollars of mortgage and  other home loans that went sour. JPMorgan bought Bear Stearns in 2008.

Syncora  Guarantee Inc now can pursue claims concerning the entire 9,871-loan  pool that backed a securities issue, according to the ruling late Friday  from U.S. District Judge Paul Crotty in Manhattan.

The  ruling lowers the hurdle for insurers trying to prove they were  deceived by banks, and increases the potential that banks could be  forced to buy back more loans.

Crotty rejected EMC's claim that Syncora be forced to show breaches related to individual loans.

Syncora had insured the interest and principal payments on part of a $666 million mortgage bond backed by the loans.

EMC  is reviewing the ruling, said John Callagy, a lawyer for the company. A  lawyer for Syncora, Philip Forlenza, declined to comment.

Syncora  said it was misled before agreeing to insure investors who bought  pieces of the bond, which was created in March 2007 by EMC and backed by  the 9,871 home loans.

Once known  as XL Capital Assurance Inc, Syncora contended that EMC breached its  representations on 85 percent of the loan pool, based on a random sample  of about 400 loans.

It said this prevented it from evaluating how risky it would be to insure the securities.

Crotty  concluded that Syncora has "especially broad" rights because "it bears  the greatest loss if the loans underperform and the other parties break  their contractual obligations."

The  judge also chided EMC for the speed with which it appeared to fix  problem loans. He said EMC had remedied only 20 of the 1,300 loans  Syncora had submitted for repurchase.

"EMC  cannot reasonably expect the court to examine each of the 9,871  transactions to determine whether there has been a breach, with the sole  remedy of putting them back one by one," Crotty wrote in a footnote.

The case is Syncora Guarantee Inc v. EMC Mortgage Corp, U.S. District Court, Southern District of

Levi, warte mal ab.

wer weiss die Zukunft?  

Deswegen, no comment :)

aber nicht vergessen, mann kann eine grosse Überraschungen erwarten !

650 millionen$ put buy back+ 1,2 millarden$ für den Schadenersatz

hast nen link bitte?

barchart! http://barchart.com/quotes/futures/ABKFQ

Dafür gibt es mehrere Link, eine davon

http://www.infiniteunknown.net/2011/01/28/...fraud-since-spring-2008/

Eventually, as Ambac kept demanding a repurchase of the bad loans, Bear   acknowledged in late 2007 it would have to buy some back. The lawsuit   lists over $600 million in claims with $1.2 billion in damages from the   soured mortgage securities it invested in and insured against. But   according to the lawsuit, in the spring of 2008, JPMorgan dismissed an   outside audit review of the loans’ need to be repurchased and once again   refused to pay Ambac. The suit asserts JPMorgan knew a repurchase  would  result in a huge accounting liability that would put their  balance  sheet in serious trouble at that time.

RELATIVELY HIGH COMPANY EFFICIENCY DETECTED IN SHARES OF AXIS CAPITAL HOLDINGS IN THE PROPERTY & CASUALTY INSURANCE INDUSTRY (AXS, AGO, AHL, AWH, ABK)

Ambac Financial (NYSE:ABK) rounds out the top five with an RPE of $2.79M

http://www.zacks.com/research/get_news.php?id=088l2636

zur info !! :-)

http://www.reuters.com/article/2011/03/28/...ng-idUSN2828991820110328