CIT files for bankruptcy

Sorry Pops, just trying to give people some more information... I'll just talk in here, I won't give any links or articles.

I'm new to this board, Amazing Looking at all the information out there. Reading this thread it makes me wondering, if the housing/economy is ever going to come back with all the job losses. I frequently check that layoff site deleted , and just today alone, make you sick to see what is happening..Without Jobs, there is nothing.

Nothing personal spent, we've become quite the target for seo (pro forum posters) who make a penny or something for every link posted.

Hang out a while

Nov. 16 (Bloomberg) -- Ambac Financial Group Inc.’s bond- insurance unit faces a 99 percent chance of default, credit derivatives show, as financial institutions brace for the second-largest bond insurer to file a capital update with regulators later today.

Five-year credit-default swaps on Ambac Assurance Corp. have jumped 3.2 percentage points since Nov. 9 to 78.3 percent upfront, according to CMA DataVision. That’s in addition to 5 percent a year, meaning it would cost $7.83 million initially and $500,000 annually to protect $10 million of Ambac obligations from default.

With market expectations that holders of Ambac-insured bonds would be able to recover 17.5 cents on the dollar, the price implies a 99 percent chance of default, CMA data show. Ambac faces a deadline today to update Wisconsin insurance regulators on its capital levels as of the end of the third quarter. Bond insurers regulated in Wisconsin are required to maintain minimum surpluses or risk being taken over. Regulatory intervention could accelerate demands against Ambac’s insurance unit.

“We believe that the most likely action by Wisconsin insurance regulators will be no action,” Rob Haines, an analyst with CreditSights Inc. wrote in a research report today. “Regulators are predisposed towards any work-out solution which could avoid the so-called ‘nuclear event.’”

The company was stripped of its top bond insurance rating last year after surging loss projections on securities backed by soured home loans. Earlier this month, JPMorgan Chase & Co. analyst Andrew Wessel said Ambac’s regulatory capital is likely to have fallen into a deficit.

The construction of new homes and apartments in the US showed a surprise fall in October.

New US housing starts tumbled 10.6% to an annual rate of 529,000 homes - the lowest level since April.

The decline in construction was led by a fall in demand for both single-family and multi-family occupancies.

Meanwhile, the 0.3% rise in consumer prices was slightly more than expected.

Stuart Hoffman from PNC Financial Services said: "There's a whiff of inflation in that number and frankly it smells a lot like gasoline."