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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: sixty2nds who wrote (72664)	12/22/2007 3:30:22 PM
From: mishedlo	Read Replies (1) of 116555

Insurance from MBIA and Ambac Worthless globaleconomicanalysis.blogspot.com State and local borrowers are discovering that buying municipal bond insurance from MBIA Inc. and Ambac Financial Group Inc. is a waste of money. Wisconsin, California, New York City and about 300 other municipal issuers sold bonds without buying insurance in recent weeks, avoiding premiums that are as high as half a percentage point of the bond issue, according to data compiled by Bloomberg. Kiss goodbye any ideas that Ambac and MBIA will raise rates to cover losses. Both can look forward to declining revenues and rising defaults. Over time that will prove to be a lethal combination. Mish

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