Escape hatch



Monolines have had enough. After months of writedowns, downgrades and emergency capital raisings, there has been a sudden rush by monoline insurers to commute insurance wraps on collateralised debt obligations of asset-backed securities (CDOs of ABSs), along with credit default swap (CDS) hedges with bank counterparties. In doing so, financial guarantors are able to reduce exposures to US residential mortgages, free reserves and improve their capital adequacy position - steps that, for some, wil

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