- Language: English
- 774 Pages
- Published: October 2012
- Region: Global
An Analytical Approach To Bond Insurer Representation And Warranty Put-Back Claim Recoveries Apr 11
- Published: April 2011
- Standard & Poors
Over the past few years, bond insurers have paid several billions of dollars of claims on insured residential mortgage loan securitizations that have defaulted. Subsequently, the insurers have contended that the securitized loans failed to meet the representations and warranties the sellers and servicers made with respect to them. So now, the bond insurers are pursuing their own claims (put-backs, in industry jargon) against the loan sellers and servicers--seeking reimbursement of at least $3.3 billion. And the insurers are recording these expected recoveries (booked put-back recoveries) in their financial statements. What remains unanswered is how large--and how material--the insurers' ultimate put-back recoveries will be. Our approach to addressing put-back claims in our analysis takes into account our view of a...
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