Relevant:
2008-04-23 — ft.com
Even worse, its “good bank†line of work has evaporated more quickly than its “bad bank†operations. Business in public finance fell by 95 per cent to $5.5m, while structured finance dropped by 78 per cent, propped up by deals already closed or committed to by the time the monoline had shut its doors to new business in this area. Bad at $29.4m outweighed the good by a factor of five.
Here also are comments from Mish, hard-hitting as usual.
CalculatedRisk also notes that AMBAC lawyers are manning the battle stations to try to get out of liability on some shady Alt-A deals.
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