Monoline insurers do a straightforward job: they insure securities — guaranteeing, for instance, that if a bond defaults they'll cover the interest and the principal.
MBIA is suing Merrill Lynch, which paid MBIA to insure securities backed by extraordinarily complex securities, among them collateralized debt obligations secured by collateralized debt obligations secured by collateralized debt obligations that were secured by mortgage-backed securities.
BLOOMBERG NEWS Bank of America Dealt Setbackck in MBIA Lawsuit | A judge lowered the burden of proof on the bond insurer MBIA, which has accused Countrywide Financial, a unit of Bank of America, of fraudulently inducing it to insure securities, Reuters reports.
Some of the banks suing MBIA are also being sued by it, on claims that they defrauded MBIA by getting it to insure securities backed by mortgage loans that never should have been made.
Under this alternative, taxpayers would insure securities backed by home loans, which is what Fannie and Freddie already do.
Their strength will lead the government to change bedrock labor policy from insuring security for industrial workers to supporting individuals as sole proprietors.
People mainly needed government to insure physical security and the rule of law.
You're beginning to see the collapse of institutions built to insure our security.
Having sided with Sobchak through the ordeal, helping to insure his security, he was at a loss when the drama ended.
