In other news, Chevron also dropped in after hour trading after the company announced it expects first quarter earnings would be "sharply lower" than fourth quarter. Sphere: Related Content
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Thursday, April 9, 2009
Genworth Fails To Qualify For TARP, Shares Plunge
Life insurer Genworth Financial dropped 22% after the Office of Thrift and Supervision said it had declined the company's application to become a savings and loan holding company. As the insurance company had previously lost access to the CPFF commercial paper program subsequent a rating agency downgrade, the loss of the TARP option could be a terminal development: CEO Michael Frazier had said: "The TARP application was one of the strategic levers Genworth has considered to provide another level of capital flexibility to address unforeseen events, and the nature of that program has continued to evolve."
In other news, Chevron also dropped in after hour trading after the company announced it expects first quarter earnings would be "sharply lower" than fourth quarter. Sphere: Related Content
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In other news, Chevron also dropped in after hour trading after the company announced it expects first quarter earnings would be "sharply lower" than fourth quarter. Sphere: Related Content
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6 comments:
Tyler D and Big C,
Obama's suggestion today for homeowners to refinance sounds very evil. In a number of states, purchase money mortgages are NONrecourse; however, if the borrowers refinance, then the new loan is recourse. It looks like Obama is telling borrowers to screw themselves by giving up their nonrecourse protection for minimal upside. In order to help Geithner recapitalize the banks by giving the banks the asset of a right to pursue deficiency judgements against homeowners.
most of the sheeple will listen to Obamessiah and refinance their underwater loans. the smart ones will stop paying the mortgage, live rent free for 6-12 months, then give the bank their house bank and walk away from a huge debt.
This means 1 thing: that Goldman Sachs has no financial stake in Genworth! Or else they would've gotten a bailout from Goldie boy Neil Kashkari.
What does anyone think this means for Prudential , Hartford or Lincoln Financial ?
check out the post on the AAA bankruptcy carve out for an interesting angle on the insurers. aside from that the real question is a) who was a large CDS underwriter and b) who has the largest CMBS exposure. RMBS is given on table 3 of the post.
Ah, the land of the free!
You have the right to free speech as long as you speak English.
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