iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,688 Blog Posts

Sub Primers Catch a Bid

All of a sudden, good news is flooding the sector, despite poor fundamentals.

Today, MBI is cutting the heads off of short sellers, on a funding agreement.

via Briefing.com:

Co announces it has entered into a definitive agreement with Warburg Pincus, which will commit to invest up to $1 bln in MBI through a direct purchase of MBI common stock and a backstop for a shareholder rights offering. The co said the investment will, among other things, increase MBIA’s already substantial capital and claims-paying resources and enable MBIA to grow its business profitably at a time when market conditions present it with attractive opportunities. Under the agreement, Warburg Pincus will make an initial investment of $500 mln in MBI through the acquisition of 16.1 mln shares of MBIA common stock at a price of $31.00/share.

As a result of this financing, SCA, ABK, MTG, PMI, RDN, CFC, NFI, ETFC, WM and a variety of homebuilders are shooting higher.

Again, my favorite, for a trade, is ACF.

Unlike houses, the bastards from ACF can send a fleet of tow trucks out to “collect” collateral.

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10 comments

  1. CubsRock

    I have been banking coin with the Homies for a week now and you still give them no love 🙁

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  2. The Fly

    Liar!

    I’ve said repeatedly, “long SPF for a trade.”

    Fly wins again.

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  3. mrkcbill

    “Secatogue Henry” drives a tow truck for ACF. He’s also a satisfied customer. Odd no.

    Guy on Bloomberg was touting that stock this morning.

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  4. brian

    VMI is coming back nicely I looking for 96-97. What say other interested parties.

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  5. Dinosaur Trader

    mrkcbill,

    Listen, watch what you say about “Secatogue.” He hears you saying he drives a tow truck and there could be trouble in Kansas.

    “Secatogue Henry” is a highly skilled, professional “photoshopper.”

    -DT

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  6. Frosty

    FLY…no soup for you…come back thursday at 2:30.

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  7. vugx qwnjh

    oixfavbc huiog xktny nsciovbwq fvuytnkmd dctanhfe lkipn

    • 0
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    • 0 Deem this to be "Fake News"