MBIA Eliminates Quarterly Dividend (AP via Yahoo! Finance)
MBIA Inc., a bond insurer fighting to hang on to its top-notch rating, said Monday it is eliminating its quarterly dividend in a move expected to save the company $174 million a year.
OTS offers new way to skin subprime foreclosure cat
Suggesting that there is a federal regulatory agency that can actually think creatively, the Washington Post reported yesterday that the Office of Thrift Supervision is preparing to introduce a proposal that will allow homeowners whose mortgage debt is larger than the value of their homes, to “refinace into government-insured [Federal Housing Administration] loans that cover the current value of their homes.” The plan apparently tries to address what has become a big impediment to the refinanc
4 in 10 Americans Are Worried About Their Debt
NEW YORK, Feb. 25 /PRNewswire-FirstCall/ Bankrate, Inc.(NASDAQ:RATE)today published the findings of a national poll which determined that 61% of Americans carry non-mortgage debt. Sixty-four percent of the respondents who carry debt admitted that debt is a cause of worry for them. The poll results are included in this month’s segment of Bankrate’s Financial Literacy Series: Out …
Is $3 Billion Enough for Ambac?
So, the market was abuzz Friday afternoon with news of a potential bailout of Ambac Financial Group. As more clarity on what may be happening emerged over the weekend, the enthusiasm has eroded, replaced by a lot of head-scratching. The main question would be, is that all there is? The proposed bailout, according to today s Wall Street Journal, is for a $3 billion capital infusion from a consortium of banks with big exposures to debt that would stand to lose a lot of value if monoline insurer