The subprime collapse will soon affect companies that insure corporate and municipal bonds, in the form of a massive regulatory overhaul in all 50 states, said Locke Lord Bissell & Liddell partner Brian T. Casey.
Bond insurers like MBIA Inc. and Ambac Financial Group Inc. have been hammered by the recent meltdown of the subprime mortgage market. Although primarily known for insuring municipal bonds, high-quality corporate bonds and asset-backed securities, these companies recently diversified into a new market, insurance derivative products like collateralized debt obligations.
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