Es kann einiges passieren! Viele Geduld und abwarten! -------------------------------------------------- Sehr ausführliche information über ambac, RMBS Krise und weiteren .... http://boombustblog.com/reggie-middleton/2010/11/15/what-is-the-fallout-of-the-ambac-bankruptcy-on-the-investment-banking-industry-robo-signing-conspiracy-theory-grows-some-balls/ Of course, the story gets worse. Let’s fast forward to this past September: Ambac sues BofA over fraudulent mortgages issued by Countrywide September 30th, 2010 Ambac Assurance Corporation, the guarantor of structured finance obligations for Ambac Financial Group Inc., is suing Bank of America Corporation over losses associated with fraudulent mortgages allegedly originated and sold as securities by Countrywide Financial. Ambac claims it was mislead about the quality of loans the monoline insured as securities between 2004 and 2006. Bank of Das Spiel ist nicht zu Ende.America took over Countrywide in 2009. According to the Ambac complaint filed on Tuesday, the firm engaged in 12 transactions with Countrywide consisting of more than 268,000 loans, which served a total collateral of about $16.7 billion. …Ambac has so far reviewed 6,533 Countrywide loans, 97% of which it found did not comply with the failed institution’s representations and warranties. Just so this is not lost on anybody, Ambac is alleging (and I certainly do believe them) that nearly ALL (yes, 97% is just about ALL) of the loans pledged as securities behind the B of A securitizations though Countrywide financial were bogus! The Countrywide portfolio makes the 80% claim from the Citibank official look downright rosy in comparison! Think about all of the potential repercussions if this statement were just remotely accurate. “Countrywide’s loans did not bear the represented attributes or conform to Countrywide’s own underwriting guidelines,” the filing said, “And in many cases were made to borrowers with little or no ability to repay their loans.” …Managing director for investor relations at Ambac, Peter Poillon, said he couldn’t directly attribute Ambac’s bankruptcy to the deals with Countrywide. He told HousingWire “because of our exposure to those transactions and others, Ambac Assurance is no longer able to issue those cash dividends to holding company.” Of course, the story gets worse. Let’s fast forward to this past September: Ambac sues BofA over fraudulent mortgages issued by Countrywide September 30th, 2010 Ambac Assurance Corporation, the guarantor of structured finance obligations for Ambac Financial Group Inc., is suing Bank of America Corporation over losses associated with fraudulent mortgages allegedly originated and sold as securities by Countrywide Financial. Ambac claims it was mislead about the quality of loans the monoline insured as securities between 2004 and 2006. Bank of America took over Countrywide in 2009. According to the Ambac complaint filed on Tuesday, the firm engaged in 12 transactions with Countrywide consisting of more than 268,000 loans, which served a total collateral of about $16.7 billion. …Ambac has so far reviewed 6,533 Countrywide loans, 97% of which it found did not comply with the failed institution’s representations and warranties. Just so this is not lost on anybody, Ambac is alleging (and I certainly do believe them) that nearly ALL (yes, 97% is just about ALL) of the loans pledged as securities behind the B of A securitizations though Countrywide financial were bogus! The Countrywide portfolio makes the 80% claim from the Citibank official look downright rosy in comparison! Think about all of the potential repercussions if this statement were just remotely accurate. “Countrywide’s loans did not bear the represented attributes or conform to Countrywide’s own underwriting guidelines,” the filing said, “And in many cases were made to borrowers with little or no ability to repay their loans.” …Managing director for investor relations at Ambac, Peter Poillon, said he couldn’t directly attribute Ambac’s bankruptcy to the deals with Countrywide. He told HousingWire “because of our exposure to those transactions and others, Ambac Assurance is no longer able to issue those cash dividends to holding company.” While it is clear that Ambac will have limited resources to aggressively pursue certain litigation, those entities that purchased the insured securities from the investment banks now have significant impetus to start looking under rocks and into dark crevices. With a 97% fraudulent or misrepresented loan rated, I see the buyers of said securities getting very rough with the investment banks, particularly with the guaranteed losses in the pipeline due to a lack of CDS coverage. You never know regulatory capture may even be damned in this election year teeter tottering on the brink of a recession Das Spiel ist nicht zu Ende!
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