Judge reinstates Ambac fraud claim against Credit Suisse


* Judge reinstates fraud claim against Credit SuisseOct 13 (Reuters) - Ambac Assurance Corp won a bid to reinstate a fraudulent inducement claim against a unit of Credit Suisse Securities over a 2007 mortgage-backed securities transaction Ambac insured.Ambac sued for what it called “pervasive and material misrepresentations” in the mortgage-backed security transaction pooling over 2,000 residential mortgage loans that Credit Suisse underwrote and its affiliate, DLJ Mortgage Capital Inc, sponsored.Credit Suisse may not have had a duty to disclose certain information but New York state Supreme Court Justice Shirley Werner Kornreich said in a decision filed Thursday that the issue is “fact-intensive” and declined to dismiss the fraudulent inducement claim “at this time.”In March 2007, New York-based Ambac issued a policy insuring payment of the principal and interest due under the $175 million securitization of 2,563 adjustable-rate home equity lines of credit.Ambac claimed that Credit Suisse misrepresented attributes of the loans, applied more lax underwriting guidelines and less due diligence than it had claimed. Ambac also alleged that Credit Suisse said the transaction mirrored a prior securitization while failing to disclose that loan pool was filled with borrowers with little or no ability to repay.Ambac’s suit alleged that loans representing over 33 percent of the original loan balance, or more than $58 million, had defaulted, requiring Ambac to make over $46 million in claim payments.Credit Suisse countered in court papers that “Ambac could have and should have known of the precise issues of which it now complains. Indeed, if the problems with the loans are as rampant and obvious as Ambac now alleges, then even minimal diligence would have uncovered them.”Credit Suisse did not return a call for comment.The case is Ambac Assurance Corporation v. DLJ Mortgage Capital Inc., 60070/2010, New York state Supreme Court (Manhattan).


anonymous said:

Why are even mobile suits made for space used human shape? its totally pointless...

Jitterin’ Jinn, with Summer Festival EVERYBODY SING ALONG!!! YOU KNOW THE WORDS!!!

Seriously though - lower extremities while unnecessary, aid in AMBAC control of the mobile suit’s vertical orientation in a weightless environment while the arms provide horizontal AMBAC control.

AMBAC control systems are there to rotate a space craft using shifting weight as opposed to fuel driven RCS orientation systems that add weight of additional thruster nozzles, fuel and fuel tanks to contain it.

Basically to do a flip I can kick my robot feet out in front of me and save fuel over using rockets thrusters to turn myself around.

With out legs I’d have to flip around Wonder-Woman style or waste fuel to use rockets to rotate the mobile suit.

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The US Economy: A Ticking Time Bomb

it’s so damn hypocritical too, au units put backpacks on their MS and they’re called unrealistic and shitty and “just trying to sell model kits” but if UC does it it’s hailed as amazing and ‘realistic’ because it’s for ‘AMBAC’ well guess what guys the wing zero custom uses those wings for ambac too and i don’t see you idiots calling that realistic all the time either. 

next URLs????????

  • llamaeatsgoldfish bc ailber
  • notalpaca bc amber is most certainly NOT an alpaca
  • ambace amber is a llama ace is kris’ alpaca why t/f not
  • frostburn kryber lol
  • seapancakesaur
  • justanotherliuser

idk these are just names i may use bolded are the ones i kinda really wanna use lol 

San Bernardino starts bondholder talks two years after bankruptcy

By Tim Reid RIVERSIDE Calif. (Reuters) - San Bernardino, California, has begun face-to-face talks with some of its biggest creditors - bondholders and insurers - for the first time, two years after filing for bankruptcy in a case that has slowed to a crawl in the past 12 months. Paul Glassman, an attorney representing the city, said in a court hearing on Thursday that an all-day mediation session was held on Aug. 5 with Ambac Assurance Corp, the insurer of $50 million of pension obligation bonds issued to the city in 2005. Ambac was also negotiating on behalf of Erste Europäische Pfandbrief-und Kommunalkreditbank AG, the holder of the bonds, and Wells Fargo Bank, the bond trustee and the flagship bank of Wells Fargo & Co . Glassman said the city will begin talks soon with another creditor, bond insurer National Public Finance Guarantee Corp, a unit of MBIA Inc . http://q.gs/7Xdy7
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