VacantHomes

Time To Bail Out WaMu?

Tim apparently has a lot of money if he is able to bail out WaMu by himself.

Ambac's Earnings: You Can't Make This Stuff Up

(By "bonds" above, I mean RMBS/CDOs, of course...)

Ambac's Earnings: You Can't Make This Stuff Up

Yeah, that is a good question. I was mostly interested in the Housing Wire article because I'm hopeful that Ambac may finally shed light on the gritty details of the mortgage debacle caused by the investment banks/credit rating agencies. I have no position in Ambac, although I tend to agree with Pershing's analysis that Ambac has little chance of survival if they are really on the hook for all of the bonds which will go bad.

But, if Ambac actually manages to save itself by proving fraud on the part of Bear Stearns/Moody's/etc (which seems highly possible), that would be an interesting outcome!

Ambac's Earnings: You Can't Make This Stuff Up

Paul Jackson at Housing Wire has some more analysis of this situation:

www.housingwire.com/20.../

Basically, lots of fraud. Ambac got ripped off by Bear Stears and some other investment banks, as well as the credit rating agencies.