AMBAC Earnings Release:
The bond insurer reported $2.87 billion in net unrealized gains on credit derivative contracts during the latest quarter.
MBIA Earnings Release:
The loss was driven by an $810.2 million pretax unrealized loss on insured credit derivatives
Mark To Fantasy accounting has zero standards when it comes to valuing the financial securities held on every Financial Institutions balance sheet. There is a $3.7 Billion swing in opposite directions, for the above estimates, within the same market!
Fannie Mae requires an additional $30 Billion in Equity infusion. As a taxpayer, I wish Fannie Mae hired AMBAC’s accounting personnel. We could save some ink expense over at Treasury!
What a load of @#$%&!!
- Garys
