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Particular problems, like the monoline insurers, should be dealt with by particular remedies, not the warm bath of monetary policy.
ECONOMIST: The markets
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Patterson Belknap represents monoline mortgage insurers Ambac, Syncora and Assured Guaranty in their pursuit of Bear Stearns and now JPM.
FORBES: New York Attorney General Sues JP Morgan And Raises Question Of What The "Auditor" Knew
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The monoline bond insurers still have lots of potential to cause trouble.
ECONOMIST: Are European banks insulated from the panic in America?
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By last year, with the monoline insurance sector in disarray, not to mention public finance at a standstill, just 18% of municipal bonds were insured.
FORBES: Magazine Article
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Add to this the potential bill from the monoline bond-insurer debacle.
ECONOMIST: The credit crisis
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"We continue to believe the monoline problem will ultimately require a broader multifaceted regulatory response, " said CreditSights analyst Rob Haines in a note earlier this week.
FORBES: Magazine Article
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"The ultimate systemic risk caused by the weakened positions of the monoline insurers is overwhelming and scary, " said CIBC World Markets analyst Meredith Whitney in a late-December research note.
FORBES: Magazine Article
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Backed by billionaire Wilbur Ross, Assured Guaranty had been the only online monoline to continue to issue new policies as it had been the only one to keep its credit rating.
FORBES: Left Overs of the Financial Crisis: Last Monoline to Lose AAA-Rating
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While a crash in those markets led to the near demise of the financial system, current housing markets seem to have decoupled. (Read Left Overs of the Financial Crisis: Last Monoline To Lose AAA-Rating).
FORBES: The Negative Effects Of The Treasury's Plan To Sell $142B Worth Of MBS