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Two leading Wall Street strategists stated today that a “credit recession” sparked by the U.S. housing market downturn and excesses in structured finance may last more than two years, and the financial sector will undergo “massive consolidation.” Jack Malvey, Lehman Brothers Holdings Inc’s chief global fixed-income strategist, said in New York, that the fallout from… Continue reading Subprime Mess Could Result in Two-Year Credit Recession, Wall Street Strategists Say

The National Association of Insurance Commissioners (NAIC) has adopted a Solvency Modernization Work Plan, which will analyze international solvency standards and propose related enhancements to the U.S. regulatory system.    “With insurance markets reflecting the effects of globalization, it is critical that the U.S. regulatory framework holds to the highest supervisory standards,” said Alabama Insurance… Continue reading NAIC Adopts Work Plan to Analyze International Solvency Standards, US Regulatory System

Aon Corporation on Tuesday announced that the five government agencies to its 2005 regulatory settlement agreement have agreed to an amendment that will permit companies acquired by Aon to continue to accept contingent commissions for three years following their acquisition by the carrier.     Under the amendment, a company acquired by Aon will be… Continue reading Amendment Allows Aon-Acquired Companies Can Continue to Accept Contigent Commissions Over Three Years

Struggling under sinking demand and a credit crisis, home builders in the U.S. are now confronting competition from a flood of homes in foreclosure. In the midst of the worst U.S. housing market downturn since the Great Depression, home builders have slowed down their building activities. They’ve also been slicing through their inventories of unsold… Continue reading Home Builders Face Competition from Foreclosures

The Mortgage Bankers Association reported that U.S. mortgage applications fell for a third consecutive week, reaching its lowest level in over six years as demand for home refinancing loans plunged. The industry group said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended May 30 dropped… Continue reading Mortgage Apps Down for Third Consecutive Week

Hit by a steep decline in pick-up truck and sport-utility vehicle sales, General Motors Corp. announced today plans to close four North American plants, while outlining efforts to introduce more fuel-efficient cars and engines.     The top-selling U.S. auto maker, which announced its latest restructuring moves ahead of its 100th annual shareholders meeting, also… Continue reading GM No Longer to Hum Along: Auto Giant Unveils New Plans to Close Plants, Introduce Greener Cars

The number of people injured in crashes on our nation’s highways has declined every year since 1995, Transportation Secretary Mary E. Peters announced in May, noting that there were 4.8 percent fewer injuries in 2006 (2,575,000) than in 2005. The trend also extends to teenaged drivers, with a more than 6 percent decline from 2005… Continue reading Study Shows Fewer People Injured in Highway Car Crashes

The National Association of Insurance Commissioners (NAIC) on Monday adopted a new white paper, The Potential Impacts of Climate Change on Insurance Regulation. It documents the potential insurance-related impacts of climate change on insurance consumers, insurers and insurance regulators.    “Nearly anything that is insured — property, crops and livestock, business operations or human life… Continue reading NAIC Study Focuses on Climate Change Impact on Insurance Regulation

The AP wire reported this morning that Democratic presidential candidate, Senator Hillary Clinton (NY), who is now back in New York, will be conceding the nomination to her opponent Senator Barak Obama (IL) tonight. However, after the news broke, Clinton’s campaign denied that she is planning to make such an announcement.     Senator Obama… Continue reading AP Wire Says Clinton to Concede Nomination to Obama Tonight, Campaign Says No

This morning Federal Reserve Chairman Ben S. Bernanke signaled that interest rates will hold steady for now while he raised concerns about the inflationary effects of a dollar down 16 percent in the past year against the euro.     The Fed is working with the Treasury to “carefully monitor developments in foreign exchange markets”… Continue reading Bernanke Says Fed Monitoring Weak Dollar Effect on Inflation, and Putting the Break on Interest Rates Cuts