Download or read book Bond Insurers written by Joseph Pimbley and published by . This book was released on 2015 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bond insurance was a small but sophisticated sector of the broader insurance industry. Conceived and created in the 1970s, bond insurance penetrated more than half of the entire US municipal bond market in the 1990s. This article explains bond insurance, its rise to prominence, and its sudden and shocking collapse. A diversifying foray of the bond insurers into structured finance risk in the years prior to 2007 is a dominant cause of these firms' failures. Yet the larger story is the manner in which business imperatives, rating agencies, and regulators enabled and encouraged all bond insurers to pursue the same catastrophic strategy. The uniformity of strategy and capital and risk assessment created the “systemic risk” of high correlation among bond insurers.
Download or read book Bond Insurers written by and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the risk of default for the underlying securities has risen, the value of the credit default swaps to insurers has fallen, resulting in multi-billion dollar paper losses for bond insurers. [...] The purpose of this insurance, therefore, is to "credit enhance" or raise the credit rating that would have been assigned based upon the financial strength of the original issuer to that of the insurance company guaranteeing the bond. [...] As long as the CDS contract is on the same terms as the traditional insurance policies, the switch to CDS contracting would not alter capital requirements for the financial guarantor wanting to maintain a very high credit rating. [...] Both AGFI11 and the individual bond insurer MBIA12 indicate that the vast majority of the CDS offered by bond insurers mirrored the guaranty of the traditional products - namely, prompt interest payments and ultimate return of principle under the original terms of the security. [...] Thus, if there is significant increase in a default risk that is being covered by a CDS, the market value of the CDS to the buyer would rise significantly, (the value to the seller would, of course, drop significantly) and this rise (or drop) would have to be reflected on the income statement.
Download or read book Handling Fidelity Bond Claims written by and published by American Bar Association. This book was released on 2005 with total page 824 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Institution Bonds written by Duncan L. Clore and published by American Bar Association. This book was released on 2008 with total page 1088 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Higher Bond Yields written by Robert Ross Godfrey and published by Irwin Professional Publishing. This book was released on 1994 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1994, 40 percent of the nearly $300 billion of new-issue bonds sell with an insurance policy which gives them a Triple-A rating from the major rating agencies. Yet, natural Triple-A bonds those that don't carry this added protection - are valued higher in the market place. Robert Godfrey investigates this anomaly and proves to investors that insured Triple-A bonds are actually the best to buy. Investors should welcome Godfrey's insights, which reveal that Triple-A bonds have: a stronger credit rating than uninsured Triple As; an exceptionally low default rate; and built-in financial strength to protect them in dire economic times.
Download or read book Life Insurance Fact Book written by and published by . This book was released on 1959 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Little Black Bond Book written by Kara Skinner and published by . This book was released on 2018-11-28 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is formatted as an interview with Jonathan, a layperson who had no surety knowledge when the conversation began. Many contractors avoid potentially profitable bonded jobs because they don't understand Surety, they think bonds are "too difficult", or that they don't qualify. My hope is that you will use this book as a handbook. You might not read it cover-to-cover, but get the general idea in the first few chapters and use the rest as a reference, as needed. As a reference book, this might be something that you can keep in your desk (or your truck) when an invitation to bid or a contract or a permit leads you to think, "I need a bond." I hope you will pull out your handy little book for reference, so you're prepared when you call your surety bond producer and they ask, "What kind of bond do you need?" This book will provide enough insight for you to be confident when applying for surety credit. Because surety is such an unusual and complicated financial product, having just a small amount of knowledge to talk to others about the topic of surety will give you an edge over your competition. To Your Success! Kara Skinner
Download or read book Bond Insurers written by and published by . This book was released on 2008 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Analysis of the Bond Investments of the Larger Life Insurance Companies written by Bonbright & Company, Inc and published by . This book was released on 1927 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Confidence Game written by Christine S. Richard and published by John Wiley & Sons. This book was released on 2011-03-29 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: An expose on the delusion, greed, and arrogance that led to America's credit crisis The collapse of America's credit markets in 2008 is quite possibly the biggest financial disaster in U.S. history. Confidence Game: How a Hedge Fund Manager Called Wall Street's Bluff is the story of Bill Ackman's six-year campaign to warn that the $2.5 trillion bond insurance business was a catastrophe waiting to happen. Branded a fraud by the Wall Street Journal and New York Times, and investigated by Eliot Spitzer and the Securities and Exchange Commission, Ackman later made his investors more than $1 billion when bond insurers kicked off the collapse of the credit markets. Unravels the story of the credit crisis through an engaging and human drama Draws on unprecedented access to one of Wall Street's best-known investors Shows how excessive leverage, dangerous financial models, and a blind reliance on triple-A credit ratings sent Wall Street careening toward disaster Confidence Game is a real world "Emperor's New Clothes," a tale of widespread delusion, and one dissenting voice in the era leading up to the worst financial disaster since the Great Depression.
Download or read book The Law of Miscellaneous and Commercial Surety Bonds written by Todd C. Kazlow and published by American Bar Association. This book was released on 2001 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The state of the bond insurance industry written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2008 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Collateralized Debt Obligations and Structured Finance written by Janet M. Tavakoli and published by John Wiley & Sons. This book was released on 2004-03-29 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most cutting-edge read on CDO and credit market structures Collateralized Debt Obligations and Structured Finance provides a state-of-the-art look at the exploding CDO and structured credit products market. Financial expert Janet Tavakoli examines securitization topics never before seen in print, including the huge increase in the CDO arbitrage created by synthetics; the tranches most at risk from this new technology; dumping securitizations on bank balance sheets; the abuse of offshore vehicles by companies such as Enron; and securitizations made possible by new securitization techniques and the introduction of the Euro. This valuable guide comprehensively covers one of the fastest growing markets on Wall Street, predicting where new bank regulations and other developments may lead to product growth or product extinction. While providing an overview of the market and its dynamic growth, Collateralized Debt Obligations and Structured Finance explores the types of products offered, hedging techniques, and valuation and risk/return issues associated with investment in CDOs and synthetic CDOs. Janet M. Tavakoli, MBA (Chicago, IL), has over eighteen years of experience trading, structuring, and marketing derivatives and structured products with major financial institutions in New York and London. She is also the author of Credit Derivatives and Synthetic Structures, now in its Second Edition (0-471-41266-X).
Download or read book Financial Guarantees written by Conning & Company and published by . This book was released on 1987 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Loan Loss Coverage Under Financial Institution Bonds written by Gilbert J. Schroeder and published by American Bar Association. This book was released on 2007 with total page 724 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bloomberg Visual Guide to Municipal Bonds written by Robert Doty and published by John Wiley & Sons. This book was released on 2012-03-06 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: A hands-on visual guide to understanding and investing in an important and consistently safe investment vehicle Bloomberg Visual Guide to Municipal Bonds offers step-by-step guidance to the nature and diversity of municipal securities credit structures. This valuable guide demonstrates the dependability of the overwhelming majority of municipal securities, and points out particular market sectors that may yield greater rewards, but also present greater risks. This book also directs readers to good sources of up-to-date information as well as new market tools, byproducts of recent market enhancements, so as to assist you in making informed investment decisions. Filled with reliable and highly accessible information needed for making sound decisions when investing in municipal securities Author Robert Doty is a noted expert on municipal securities A valuable addition to the new Bloomberg Visual Series Engaging and informative, this reliable resource is an easy-to-use "how to" guide to municipal securities that will help you create more effective investment strategies.
Download or read book ACLI Life Insurance Fact Book written by and published by . This book was released on 1999 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
