crashof2008

Monolines' All-Important Debt Rating Threatened

Well we also have the fact that new writing business has fallen off a cliff. Huge major clients such as New York, California and New Jersey have all decided that the fat fees charged by the monolines simply aren't worth it and these enormous customers are simply selling their new issues directly to market without using the insurers.

All the wild rosy scenario projections for ABK and MBIA that they are touting are heavily based on revenue streams from new writings, but in actuality they have fallen off a cliff.

Stay tuned.

Not to mention the Tender Option market!

Crash of 2008