• Mortgage insurers MGIC Investment Corp. and Radian Group Inc. said they might write off their combined $1.03-billion stake in a venture that invests in sub-prime mortgages on which payments were past due.
• American Home Mortgage Investment Corp., which lends to people close to the sub-prime category, postponed payment of its dividend, took "major" write-downs and said its lenders were demanding that it put up more cash. Its stock plunged 39%.
• Insurer CNA Financial Corp. wrote down $20 million in sub-prime-backed securities.
• A German bank with U.S. sub-prime exposure cut its profit forecast and replaced its chief executive.
Tuesday, July 31, 2007
A Summary Of Yesterday's Subprime Action
From the LA Times: