{"id":197632,"date":"2008-01-21T21:15:00","date_gmt":"2008-01-22T02:15:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/01\/21\/ambacs-insurance-now-toxic\/"},"modified":"2008-01-21T21:15:00","modified_gmt":"2008-01-22T02:15:00","slug":"ambacs-insurance-now-toxic","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/01\/21\/ambacs-insurance-now-toxic\/","title":{"rendered":"Ambac&#8217;s Insurance Now &#8220;Toxic&#8221;"},"content":{"rendered":"<p><a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=asLtTQyLRQQs&amp;refer=home\"><\/a>Well, I mentioned that Fitch had cut its rating on Ambac from AAA to AA, and now, as a result, it has <a href=\"http:\/\/www.marketwatch.com\/news\/story\/fitch-downgrades-420-abs-bonds\/story.aspx?guid=%7B03F9CFDA-AD50-4B9C-8601-54EE042C4A19%7D\">downgraded 420 classes of asset based securities (ABS)<\/a>.  Basically, since the bond insurer is near insolvency, the bonds are riskier.<\/p>\n<p>This is a house of cards, and it is in the process of coming down.<\/p>\n<p>H\/T <a href=\"http:\/\/calculatedrisk.blogspot.com\/\">Calculated Risk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well, I mentioned that Fitch had cut its rating on Ambac from AAA to AA, and now, as a result, it has downgraded 420 classes of asset based securities (ABS). Basically, since the bond insurer is near insolvency, the bonds are riskier. This is a house of cards, and it is in the process of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1261,973,1004],"tags":[],"class_list":["post-197632","post","type-post","status-publish","format-standard","hentry","category-bubble","category-economy","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/197632"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=197632"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/197632\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=197632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=197632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=197632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}