November 16, 2007 (LPAC)--As turmoil worsens for banks and all credit institutions, U.S. municipalities and entities are forced to delay bond issuances and borrowing, including for vital functions. Among the recently delayed or postponed municipal bond issuances are the following:

• Chicago O'Hare International Airport--$960 Million
• Puerto Rico Public Building Authority--$900 Million
• Miami-Dade County, Florida--$540 Million

One factor in this picture is that the insurer of municipal bonds--also of mortgage-backed-securities--are in crisis. Share values of the major insurers are plunging. On Nov. 15, shares fell 7.2% in one day for Ambac Financial Group, Inc., which has lost 48% of its share value in the past three months. Yesterday, executives of Ambac started crisscrossing the country to meet with municipal bond issuers, investors and banks to attempt to calm panic.