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