In any divorce, dividing up the assets can be a complicated and lengthy process, often accompanied by a mass of legal issues. The same appears to hold true when a bond insurance company is taken apart.

Much of the news in the structured finance market last week focused on the splitting up of the monolines' book of business. This was the case after FGIC announced that it is attempting to separate out its municipal book of business from its structured finance assets or, as many industry participants have put it, weeding out the "good" from the "bad."

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