The monoline story is moving at a breakneck pace. At the start of last month, several of the largest monolines still maintained they would be able to raise new capital, keep their AAA ratings and continue writing new business. There was, said some, little need for a regulatory-led bailout, and certainly no call for Warren Buffett's controversial proposal to reinsure wrapped municipal bonds.

What difference a month makes. Following the downgrade of FGIC from Aaa to A3 by Moody's Investors Service

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