Seeking Alpha
  • Tom Armistead
    Closed out my MBI position today, potential liquidity shortfall and now BAC is offering to buy their bonds at par...to cause trouble...
    11/13/12
    Reply (4)
    • DeepValueLover: How exactly can MBI have a liquidity shortfall because BAC will make the paper holders whole?
      11/14/12
    • Tom Armistead: Not cause and effect. You have to read MBI's press release on the consent solicitation. BAC is spending good money to sabotage it.
      11/14/12
    • DeepValueLover: OK. but I still am having trouble figuring out how MBIA runs out of liquidity all of a sudden. What has changed from a capital standpoint?
      11/14/12
    • Tom Armistead: Financials have disclosed the risk for some time, it was always there. Payments of RMBS claims continue, BAC continues to stall settlement.
      11/14/12