Rob Haines News
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MBIA Inc. is no longer considered by credit-derivatives traders to be in distress after Bank of America Corp. agreed to a legal settlement that injects $1.6 billion of cash into the bond insurer and resolves five years of litigation stemming from the U.S. housing crisis.
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Genworth Financial Inc.’s mortgage insurance business will either improve results or cease writing new coverage, according to analysts at CreditSights Inc.
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Ambac Financial Group Inc., the bond insurer that stopped paying some claims and accepting new business, jumped 71 percent in New York trading after reporting fourth-quarter net income of $558.1 million amid a tax benefit and unrealized gains on derivatives.
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MBIA Inc. , the holding company of the world’s largest bond insurer, should be able to make payments on $1 billion of debt until 2015, and will then “barely scrape” through the year, according to CreditSights Inc.
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Ambac Financial Group Inc., the bond insurer that stopped paying some claims and accepting new business, said its first-quarter net loss widened to $690.1 million on accounting changes.
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NMI Holdings Inc., which raised $550 million in April to open a mortgage insurer, faces a lawsuit from an Arizona regulator, highlighting the role of state watchdogs as the industry seeks to recover from years of losses.
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Less than a week after MBIA Inc. gained the advantage in its three-year legal fight with Bank of America Corp. over toxic mortgage debt, the tables have turned on the bond insurer.
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Assured Guaranty Ltd. , the only active insurer of newly issued bonds, fell the most in almost 11 months after reporting first-quarter operating earnings that were lower than analysts forecast, and rival MBIA Inc. , the largest insurer of bonds, also declined.
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MGIC Investment Corp. plunged by more than half after the Milwaukee-based mortgage insurer reported its largest loss since 2009 and the company’s risk-to-capital ratio breached regulatory standards.
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American International Group Inc., the insurer that needed a $182.3 billion bailout from the U.S. government in 2008 after failed mortgage investments, is betting this time it’s different.
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