Mortgage insurers will trigger further writedowns

Citigroup, Merrill, UBS Face Further Writedowns, Whitney Says

By Jeff Kearns

June 9 (Bloomberg) — Citigroup Inc., Merrill Lynch & Co. and UBS AG may post further writedowns of $10 billion on their debt holdings after the two biggest bond insurers were stripped of their AAA rankings, according to Oppenheimer & Co. analyst Meredith Whitney.

Bloomberg News, 9 Jun 2008

See Credit Crisis Timeline for updates on writedowns. We are clearly in a second wave.

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