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The Wall Street Journal reported yesterday that U.S. policy makers, led by Treasury Secretary Henry Paulson, are due to recommend a revamp of rules related to credit markets and mortgage brokers.     Paulson said in an interview that the President’s Working Group of Financial Markets would recommend strengthening state and federal oversight of mortgage… Continue reading Wall Street Journal: Paulson to Recommend Revamping Mortgage Rules

According to Irvine, California-based RealtyTrac, nearly 60 percent more U.S. homes faced foreclosure in February than in the same month last year, with Nevada, California and Florida showing the highest foreclosure rates.     The research firm said that a total of 223,651 homes across the nation received at least one notice from lenders last… Continue reading Home Foreclosures Increase Significantly for February

An affiliate of U.S.-based buyout firm Carlyle Group has defaulted on about $16.6 billion of debt and expects its lenders to seize remaining assets as the global credit crunch tightens around leveraged investors.     Carlyle Capital, a fund listed in Amsterdam, stated yesterday that negotiations with lenders deteriorated late in the day after a… Continue reading Carlyle Capital Unsuccessful in Refinancing Efforts, Nears Collapse

He went after Wall Street, the insurance industry, going after some of the biggest players in their respective industries, and gained fame as the crusader of justice during his tenure as New York Attorney Eliot Spitzer. Now the man who was once dubbed “Mr. Crusader” has fallen from grace with all the makings of a… Continue reading Sex Scandal, Hipocrisy Brings Down Spitzer

Although some lenders avoided big mistakes on sub-prime loans, losses on home-equity loans are on the rise. Banks raked in billions of dollars in profit from home-equity loans during good times. Borrowers can tap into the accumulated value in their property with either a loan for a specific amount or a line of credit and,… Continue reading The Next Trouble Spot: Banks Hit by Home-Equity Losses

“I cannot allow my private failings to affect my public work,” said Eliot Spitzer during a scheduled conference this morning as he resigned from his governorship of New York. His resignation is effective on Monday, March 17th to permit a smooth transition.     Spitzer thanked supporters, asked to be forgiven for his transgressions from… Continue reading BREAKING NEWS: Spitzer Resigns, Apologizes to Family

New York’s insurance industry regulator Eric Dinallo today responded to the beginning of some local governments finding they do not want/need insurance for their municipal bonds.     “Time and the market will determine the need for municipal bond insurance,” Eric Dinallo said in the text of prepared testimony to a U.S. House of Representatives… Continue reading NY Insurance Regulator Discusses States’ Rejection of Muni Bond Insurance

Today health insurer Humana Inc announced that its first-quarter earnings forecast has been cut by nearly half based on new projections for its Medicare plans for the elderly that provide prescription drug coverage.    Humana forecast first-quarter earnings of 44 cents to 46 cents per share against its previous outlook of 80 cents to 85… Continue reading Health Insurer Humana Announces Significant Profit Warning

According to the Mortgage Bankers Association, U.S. mortgage applications declined last week, reflecting lower demand for home loan refinancing as interest rates increased to their highest since October.     The agency said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended March 7 fell 1.9… Continue reading Demand for Home Loans Decline

New York State Governor Eliot Spitzer has been given a deadline of 24 to 48 hours to step down or face impeachment proceedings over allegations that he hired a prostitute by his top Republican opponent, James Tedisco.     Mr Spitzer has not admitted paying for sex, but he did tell a news conference that… Continue reading BREAKING NEWS: Tedisco to Spitzer, You Have Up to 48 Hours to Resign