Monolines: The End of the World as We Know It
NEW YORK ( TheStreet) -- Foreclosures, regulation and the issues surrounding mortgage securitization placed doubts in the minds of many regarding the future of monoline insurers.
But events over the past month -- including a major bankruptcy -- has cemented a dark future for the financial guaranty business in the minds of many industry professionals.
"I don't think there is any future for any of the bond insurers," says Edward Grebeck, CEO of Tempus Advisors in a video interview with TheStreet.
Grebeck argues that a major revenue stream for the monolines, in the form of backing local government-backed debt, has been all but cut off. "No one is going to wrap
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