by Calculated Risk on 1/29/2008 07:42:00 PM

From CNBC: Bond Insurers Face Downgrade Despite Call for Delay

Wall Street bond rating agencies are poised to downgrade two big bond insurers, Ambac Financial Group and MBIA ... the downgrades could come as early as Wednesday.

A downgrade would lead to significant write-downs on Wall Street, and more losses for investors, but it's unclear how large the write-downs will be.