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Over the weekend Congress agreed to finance a $25 billion loan package to help troubled auto makers as part of a mammoth spending bill that will keep the government running until early March 2009.    The U.S. Senate approved the more than $630 billion spending bill 78-12. The bill was needed to finance defense, education,… Continue reading Congress Approves Loan Package for Auto Makers

The New York Insurance Department in a statement on Thursday said that American International Group Inc. (AIG), under pressure to raise funds to pay off a federal loan, will need regulatory approval before selling off any insurance units. The state regulator said it had hired boutique investment bank Centerview Partners to advise it on the… Continue reading NY Insurance Department Will Have to Okay AIG Sales

The National Association of Insurance Commissioners (NAIC) today adopted a model regulation to help protect insurance consumers — particularly seniors — from unscrupulous, abusive sales practices and fraud. The new “Model Regulation on the Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities” establishes standards for the use of… Continue reading NAIC Adopts Regulations to Protect Seniors Against Insurance Fraud

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