Traditionally focused on insuring municipal deals, bond
insurers got into trouble after they ventured into structured
products to boost returns.
Massive delinquencies on U.S. subprime mortgages battered
the credit quality of these products, increasing the capital
that bond insurers need to maintain their crucial “AAA”
ratings.
As bond insurers’ ratings are downgraded, so are ratings on
much of the debt […]
Property group City Pacific (CIY.AX: Quote, Profile, Research) said yesterday that
there was no threat to A$1.1 billion in loans its First
Mortgage Fund had extended to property developments. “We’ve
never had issues with loans being repaid,’ said managing
director Phil Sullivan. He also dismissed concern over a
Victorian Government termination notice to City Pacific’s
Martha Cove development on the […]
NEW YORK, March 26 (Reuters) - A coalition of
environmentalists, consumer advocates and insurers has formed
to oppose proposed legislation that would expand a federal
flood insurance scheme.
The measure would add coverage for wind damage, which the
coalition says could prove costly for taxpayers and send the
wrong message about developing environmentally-sensitive,
catastrophe-prone areas.
Proponents of revamping the federal […]