Standard & Poor's Ratings Services announced various ratings actions on six financial guaranty insurance companies, including ACA Financial Guaranty Corp., Ambac Assurance Corp., Connie Lee Insurance Co.,FGIC, MBIA and XLCA. S&P said that these rating actions were based on worsening expectations for the performance of insured nonprime RMBS and ABS CDOs. The rating agency said that based on current stress test analysis, the affected companies can potentially experience claims and/or capital consumptive negative rating transitions resulting in their capital resources no longer being enough at their respective rating levels. S&P added that another consideration in the analysis of the possibility of a capital shortfall is the magnitude of the shortfall and the extent to which the insurance firm has raised or is planning to raise new capital, specifically the capital plan's viability, S&P said.
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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