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Foreclosures and the credit mess is what we’ve been reading about during the past year, but another trend rearing its ugly head is the rise in mortgage fraud during the past 10 years. New research from TowerGroup predicts that losses from mortgage fraud will reach $2.5 billion in 2008 and that comparable losses will continue… Continue reading Report Says Mortgage Fraud to Reach $2.5B This Year

National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Sandy Praeger today issued the following statement in regard to the U.S. Treasury Department’s Blueprint for Financial Regulatory Reform:     “State regulators are glad that someone at the federal level is finally paying attention to the financial crisis facing our nation. In our… Continue reading NAIC Praeger Supports Modernizing Regulation, Not Federalizing Insurance Regulators

The National Association of Insurance Commissioners (NAIC) yesterday announced that 45 jurisdictions have licensed new bond insurer Berkshire Hathaway Assurance Corp. (BHAC). The company’s licensure was coordinated via an NAIC application that expedites the approval process.     BHAC’s expedited licensure is part of a three-pronged regulatory response to concerns about the bond insurance market… Continue reading NAIC Expedites Bond Licences Nationally for Berkshire

David A. Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI), issued the following statement in response to the Treasury Department’s issuance of a blueprint for regulatory reform of the financial system that would include an optional federal charter (OFC) for insurers:     “PCI acknowledges that improvements are necessary to… Continue reading PCI Responds to Treasury Department’s Regulatory Blueprint

On Monday, Santa Fe, New Mexico-based Thornburg Mortgage, a jumbo mortgage provider that has been trying to avoid bankruptcy, on announced that it raised $1.35 billion from a sale of debt and warrants to buy common stock.     The company said it has received $1.15 billion of the proceeds, and that the other $200… Continue reading Thornburg Mortgage Raises $1.35B, Avoids Bankruptcy

On Tuesday Swiss bank UBS doubled its write-downs from the sub-prime crisis on Tuesday to $37B, the largest loss by any bank so far, as its chairman steps down and the company looks for more emergency capital in a second attempt to reverse its fortunes.     The bank has announced $19bn of fresh asset… Continue reading Sub-Prime Write-Downs Double at UBS, Chairman to Step Down

Gov. Marc Racicot, President of the American Insurance Association (AIA), recently commended the significant efforts made by the Massachusetts Division of Insurance and the Patrick Administration to improve the state’s regulatory environment by implementing a managed competition system for private passenger auto insurance beginning April 1. Gov. Racicot’s statement is below. “Beginning April 1, we… Continue reading AIA: MA Efforts in Implementation of Managed Competition Commended

Housing and Urban Development Secretary Alphonso Jackson is expected to announce his resignation Monday, according to people familiar with the matter, a decision that will deal a blow to the Bush administration’s efforts to tackle the housing crisis.    Jackson is under criminal investigation at the same time the housing industry is in a crisis… Continue reading HUD Secretary Expected to Resign Today

In an effort to restore profit after a record loss, Citigroup will set up an independent credit- card unit and overhaul consumer banking along geographical lines.     Steven Freiberg, the current co-head of consumer banking, will run the card unit, according to a statement made Citigroup today. The rest of the consumer group, mainly… Continue reading Citigroup to Set Up Separate Credit Card Unit from Consumer Banking

Gov. Marc Racicot, president of the American Insurance Association (AIA), applauded the recommendation of establishing an optional federal charter (“OFC”) for insurers as outlined by the Dept. of the Treasury’s Regulatory Blueprint of Financial Regulation. Gov. Racicot’s statement follows: “The recent turmoil in financial markets has, in a dramatic way, called attention to the stability… Continue reading AIA Commends Proposed Plan for OFC in Treasury’s Regulation Plan