Dexia Finds a Buyer for Financial Security Assurance
Financial Security Assurance (FSA) was sold by Dexia as the European bank reported a $1.9 billion loss. Assured Guaranty, Wilbur Ross), purchased the monoline insurer for $1.45 billion. It is important to note that this sale did not include Dexia’s exposure to some 16.5 billion Euro exposure to toxic US subprime mortgage assets. This brings more assets to Ross who has been looking at purchasing more monoline insurers for his Assured Guaranty.