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Wall Street Analysts: We’re In A Recession

According to the latest Wall Street Journal forecasting survey conducted March 7-111, economists are increasingly certain that the U.S. has slid into recession, a view underscored by new data showing a sharp drop in retail sales last month. “The evidence is now beyond a reasonable doubt,” said Scott Anderson of Wells Fargo & Co. More… Continue reading Wall Street Analysts: We’re In A Recession

BREAKING NEWS: US Economic Policymakers Release Mortgage Revamping Plan

Earlier today the nation’s top economic policy makers released a blueprint to avoid another occurence of the credit crunch now threatening the economy. Treasury Secretary Henry Paulson told The Wall Street Journal today that the recommendations of the President’s Working Group on Financial Markets, which he leads, include strengthening state and federal oversight of mortgage… Continue reading BREAKING NEWS: US Economic Policymakers Release Mortgage Revamping Plan

Ernst & Young Study Finds Climate Change as Greatest Risk for P/C Insurers

Potential climate change is the greatest strategic risk currently facing the property/casualty insurance industry, with demographic changes taking priority for the life insurance industry, according to a new study by Ernst & Young, closely followed by demographic change and catastrophic events.     For the new study, “Strategic business risk 2008”, Ernst & Young and… Continue reading Ernst & Young Study Finds Climate Change as Greatest Risk for P/C Insurers

Nazi Germany Theft Victims to be Reimbursed by Belgian Banks, Insurance Companies and State

A Belgian-sponsored commission announced yesterday that its country, banks and insurance companies will pay out $54.5 million to compensate for the theft of possessions from Jews during World War II. Additionally, another $115.5 million has been allocated for a Belgian foundation to honor the victims of the Holocaust and for social, religious and cultural projects… Continue reading Nazi Germany Theft Victims to be Reimbursed by Belgian Banks, Insurance Companies and State

Moody’s & S&P: Ambac’s Triple A Rating Remains Unchanged

The key triple-A ratings of Ambac Financial Group Inc.’s insurance subsidiaries by Moody’s Investors and Standard & Poor’s Rating Services were affirmed, but said the ratings are more likely to fall than to rise in the longer term.     Fimalac SA’s Fitch Ratings, which has been more aggressive in its actions against bond insurers,… Continue reading Moody’s & S&P: Ambac’s Triple A Rating Remains Unchanged

Wall Street Journal: Paulson to Recommend Revamping Mortgage Rules

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

Home Foreclosures Increase Significantly for February

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

Carlyle Capital Unsuccessful in Refinancing Efforts, Nears Collapse

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