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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

Eliot Spitzer was known as a corruption-buster, going after several high-profile prosecutions of Wall Street figures, extracting billions of dollars in fines from investment banks, mutual funds and brokerage houses. He also went after the insurance industry, and engineered the departures of the chiefs of two insurance giants. In one of those cases, against American… Continue reading Mr. Clean Gets Dirty: Spitzer Faces Calls for Resignation Over Sex Scandal

Today CIFG Holding Ltd. announced the naming of Richard Price as the bond insurer’s non-executive chairman of the board of directors.    Price, 61, most recently served as chief executive of Zurich Capital Markets and Centre Re, both units of Zurich Financial Services. He also spent time as an executive at Financial Guaranty Insurance Co.,… Continue reading Bond Insurer CIFG Names Richard Price as Board Chairman

According to seasonally adjusted data released by the U.S. Bureau of Labor Statistics, U.S. insurance industry payrolls fell in February for the second straight month, losing 2,300 positions since January.    For the month, the sector’s payrolls fell to 2.311 million from 2.314 million, which was itself adjusted downward from the Labor Department’s prior January… Continue reading Insurance Payrolls Fell in February

The Federal Reserve will hold auctions to lend as much as $200 billion in Treasury securities and increase swap lines with two foreign central banks to try to ease renewed turmoil in credit markets.     The Fed said in a statement it is establishing a new Term Securities Lending Facility to, through weekly auctions,… Continue reading Fed Expands Securities-Lending Program, Futures Rise