New York Attorney General Elliott Spitzer has turned his sights on the financial insurance business, as Swiss RE and MBIA were issued subpoenas from both the Attorney General's office as well as the Securities and Exchange Commission. Specifically, the SEC and Attorney General inquired about "nontraditional or loss mitigation insurance products developed, offered, or sold by MBIA to third parties from January 1, 1998 to the present," according to a release. Fitch Ratings speculated in a report issued following the announcement that the inquiries were due to finite risk reinsurance, used for deferring losses into future periods for earnings management purposes.
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Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24 -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24 -
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23 -
Lendbuzz sells the notes as it juggles mixed performance results from 2023. Originations and revenues saw huge jumps, but so did operating expenses.
April 23