This is a follow-up to the earlier post on October 14 about Prichard, Alabama when the city failed to make the October payment to their retirees. According to the Press-Register city leaders do not expect to pay November either. To protect themselves from the… Continue Reading →
It’s not news that consumer spending is off, but in municipal bond country this also means sales taxes are coming in lower. Some communities, such as those that depend on major shopping malls may see a double whammy from their… Continue Reading →
The check is not in the mail. Prichard, Alabama, came out of Chapter 9 bankruptcy in 2002 and promised to make deposits into its public pension fund. They didn’t and now they are simply out of money. Retirees did not… Continue Reading →
At this point in the meltdown timeline, municipal bond defaults have not yet occurred in the traditional sectors we think about such as cities, towns, states, utility systems and school districts. The few notable exceptions include Vallejo, California, currently working… Continue Reading →
Municipal bond defaults over the last two years occur in sectors that tie into the financial crisis: real estate. Multi-family housing and land development projects that never took off are at the front line. Special entities – usually a district… Continue Reading →
In the aftermath of the bond insurance meltdown investors found that many of their holdings did not have an underlying rating. Most are small borrowings and in smaller, lower profile communities across the U.S. landscape. Among them are some gems… Continue Reading →
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