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MGIC Investment Corp. said its primary mortgage-insurance subsidiary will no longer take new business under a type of contract that transfers risk to it from other insurance companies financing the risks, Effective Jan. 1, 2009, MGIC Investment Corp. said its primary mortgage-insurance subsidiary will no longer take new business under a type of contract that… Continue reading Mortgage Insurer MGIC to Build Up its Financial Strength

President George W. Bush spoke briefly earlier today, saying that the bail-out of Wall Street will happen. Bush said the basics of the plan are there, but the details have to be worked out.    “There are disagreements over aspects of a rescue plan but there is no disagreement that something substantial must be done,”… Continue reading President Bush: Bail-Out Will Happen

On Thursday a federal judge heard from U.S. prosecutors, arguing that he should take into consideration shareholder losses of as much as $1.4 billion when sentencing five former executives convicted in a fraud scheme involving General Re Corp. and American International Group Inc.    During a hearing in Hartford, Conn., U.S. District Court Judge Christopher… Continue reading Judge in Gen Re Case Asked to Consider Shareholder Losses When Sentencing Execs

The fate of a $700 billion Wall Street bailout remained unclear as a White House meeting of both parties ended without an agreement and some participants said talks had hit a major snag and may even be dead.            After several hours of talks with President George W Bush, members of congress said more work… Continue reading Bail-Out Stalls; Republicans Offer Alternative Plan

The U.S. government closed down Washington Mutual, the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion.      The rescue marks a historic step to clean up a U.S. financial system littered with toxic mortgage debt.      Washington Mutual, the largest U.S. savings and… Continue reading Government Shuts Down WaMu, JPMorgan Chase Takes Over Assets

A government report on Thursday showed that sales of newly constructed U.S. single-family homes in August fell to its lowest point in more than 17 years while prices hit four-year lows, a sign of continued weakness in the housing sector. The annual sales pace of 460,000 homes was down 11.5 percent from July and sharply… Continue reading Government Reports New Home Sales Down 11.5% in August

The number of U.S. workers filing new claims for unemployment benefits unexpectedly soared last week to its highest level since just after the Sept. 11 terrorist attacks seven years ago as a mix of economic weakness and recent hurricanes in Louisiana and Texas pushed claims near the half-million mark. Meanwhile, demand for expensive manufactured goods… Continue reading Hurricanes in TX, LA Push Jobless Rate Up

Today Lloyd’s of London reported that its insurance market’s profit dropped 47 percent in the first half on falling investment income and increased cost of claim.    The world’s oldest and biggest insurance market reported pretax profits in the six months to June 30 of 949 million pounds ($1.76 billion) compared with 1.81 billion pounds… Continue reading Lloyd’s Sees Profits Drop By Nearly Fifity Percent

Congress moved closer to an agreement on a $700 billion financial rescue plan as President George W. Bush urged swift action to help avert “a long and painful” recession.    “The package is basically done,” Representative Paul Kanjorski, a Pennsylvania Democrat told CNBC today. “The hard issues are resolved. They have to shake hands. They… Continue reading Congress Moves Closer to Rescue Plan Agreement

The U.S. property/casualty industry’s net income after taxes fell more than 50% to $15.9 billion in the first half of 2008 on a combination of deteriorating underwriting results and declining investment returns. As a result, the U.S. property/casualty industry’s annualized after-tax return on equity (return on surplus)—which measures overall after-tax profitability from underwriting and investment… Continue reading Best Report Shows U.S. P/C Results Down Significantly in First Half