Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Assured Guaranty Ltd.    AGO   BMG0585R1060

ASSURED GUARANTY LTD.

(AGO)
  Report  
Delayed Quote. Delayed Nyse - 09/20 04:10:00 pm
45.47 USD   +0.18%
08/20ASSURED GUARANTY LTD. : Ex-dividend day for
FA
08/07ASSURED GUARANTY : 2Q Earnings Snapshot
AQ
08/07ASSURED GUARANTY : to Acquire Asset Management Firm BlueMountain
BU
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Royal Bank of Scotland must face lawsuit over mortgage debt - judge

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/19/2014 | 02:21pm EDT
A man walks past a Royal Bank of Scotland building in central London

NEW YORK (Reuters) - Royal Bank of Scotland Group Plc (>> Royal Bank of Scotland Group plc) must face a U.S. lawsuit seeking to force it to cover losses suffered by a bond insurer on a $1.15 billion (695.66 million pounds) securities offering backed by allegedly defective and fraudulent home loans.

NEW YORK (Reuters) - Royal Bank of Scotland Group Plc (>> Royal Bank of Scotland Group plc) must face a U.S. lawsuit seeking to force it to cover losses suffered by a bond insurer on a $1.15 billion (695.66 million pounds) securities offering backed by allegedly defective and fraudulent home loans.

U.S. District Judge John Koeltl in Manhattan said RBS must defend itself against claims by Assured Guaranty Ltd (>> Assured Guaranty Ltd.) that the taxpayer-owned bank committed fraud, and aided and abetted fraud, by inducing it to insure part of a 2007 securitization, and expose it to more than $100 million of potential losses.

The allegations "raise a strong inference that RBS had a specific motive and intent to deceive the plaintiff in order to obtain the policy for a specific transaction," Koeltl said.

Koeltl issued his ruling orally at a March 17 hearing, for which Reuters obtained a transcript that has not been posted to the court's public website.

Lawyers representing RBS and Assured Guaranty declined to comment. Britain's government owns 81 percent of RBS.

The case is one of many accusing banks that packaged mortgages into securities prior to the 2008 financial crisis of deceiving investors and insurers about underwriting quality, resulting in losses when market conditions deteriorated.

It concerned an offering called Southview Home Loan Trust 2007-WMC1, which involved more than 4,900 home loans made by WMC Mortgage Corp, a now defunct subprime lending unit of General Electric Co (>> General Electric Company).

Assured said it would not have agreed to insure $291 million of certificates issued through that offering, had RBS not concealed how the offering ignored underwriting guidelines and lent money without regard to borrowers' ability to repay.

Total losses on the $1.15 billion offering had reached $454 million, with 61 percent of the remaining loans in default, by June 2013, Assured said.

In his ruling, Koeltl said it was too soon to decide whether Assured had relied unreasonably on data and documents it did review, citing industry practices, the amount of work needed for an independent assessment, and "the time frame within which Assured was requested to issue the policy."

Koeltl dismissed a third claim by Assured, in which it said that New York state insurance law entitled it to recoup payments it makes under its policy without resorting to "rescission."

Assured last year announced settlements of similar lawsuits it had brought against Flagstar Bancorp Inc (>> Flagstar Bancorp Inc), JPMorgan Chase & Co (>> JPMorgan Chase & Co.) and UBS AG (>> UBS AG).

The case is Assured Guaranty Municipal Corp. v. RBS Securities Inc et al, U.S. District Court, Southern District of New York, No. 13-02019.

(Reporting by Jonathan Stempel in New York; Additional reporting by Nate Raymond; Editing by Tom Brown)

By Jonathan Stempel

Stocks mentioned in the article
ChangeLast1st jan.
ASSURED GUARANTY LTD. 0.18% 45.47 Delayed Quote.18.78%
FLAGSTAR BANCORP INC 0.00% 37.34 Delayed Quote.41.44%
GENERAL ELECTRIC COMPANY -0.53% 9.37 Delayed Quote.23.78%
ROYAL BANK OF SCOTLAND GROUP 2.64% 213.5 Delayed Quote.-1.48%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ASSURED GUARANTY LTD.
09/06ASSURED GUARANTY LTD : Other Events (form 8-K)
AQ
08/20ASSURED GUARANTY LTD. : Ex-dividend day for
FA
08/08ASSURED GUARANTY : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION A..
AQ
08/07ASSURED GUARANTY : 2Q Earnings Snapshot
AQ
08/07ASSURED GUARANTY LTD : Results of Operations and Financial Condition, Regulation..
AQ
08/07ASSURED GUARANTY : to Acquire Asset Management Firm BlueMountain
BU
08/07ASSURED GUARANTY LTD. : Reports Results for Second Quarter 2019
BU
08/07ASSURED GUARANTY LTD. : Declares Quarterly Dividend of $0.18 per Common Share
BU
08/05ASSURED GUARANTY : Wraps University of Leicester Bond Issuance
BU
07/25ASSURED GUARANTY LTD. : to Report Second Quarter 2019 Financial Results on Augus..
BU
More news
Financials (USD)
Sales 2019 897 M
EBIT 2019 -
Net income 2019 347 M
Debt 2019 -
Yield 2019 1,58%
P/E ratio 2019 13,7x
P/E ratio 2020 14,7x
Capi. / Sales2019 5,00x
Capi. / Sales2020 5,43x
Capitalization 4 486 M
Chart ASSURED GUARANTY LTD.
Duration : Period :
Assured Guaranty Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ASSURED GUARANTY LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 4
Average target price 55,25  $
Last Close Price 45,47  $
Spread / Highest target 43,0%
Spread / Average Target 21,5%
Spread / Lowest Target 9,96%
EPS Revisions
Managers
NameTitle
Dominic John Frederico Deputy Chairman, President & CEO
Francisco Lopes Borges Chairman
Robert Adam Bailenson Chief Financial Officer
Kirk Edmunds Chief Information Officer
G. Lawrence Buhl Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
ASSURED GUARANTY LTD.18.78%4 486
TOKIO MARINE HOLDINGS INC13.90%38 554
THE TRAVELERS COMPANIES22.15%38 089
THE ALLSTATE CORPORATION30.61%35 526
SAMPO-1.07%23 170
MS&AD INSURANCE GROUP HOLDING INC14.44%18 817