Category: Show on Homepage

Scheduled to speak today and tomorrow on Capital Hill, executives of Moody’s Investors Service, owned by Moody Corp, and McGraw-Hill Cos.’ Standard & Poor will be addressing publicly for the first time their decision to downgrade hundreds of mortgage-bond ratings over the summer, a move some feel came a little too late and helped exacerbate… Continue reading Moody and S&P to Address Ratings Role in Mortgage Market

On Tuesday night, the House approved a $35 billion expansion of the State Children’s Health Insurance Program (SCHIP), ignoring a veto threat by President Bush. The vote was a solid 265 to 159. But while the Senate is expected to pass the compromise bill later this week and then send it on to Bush, threat… Continue reading House Continues to Ignore Threat of SCHIP Veto

The U.S. property/casualty insurance industry’s net income after taxes rose 10.7 percent to $32.6 billion in first-half 2007 from $29.4 billion in first-half 2006. Fueled by the industry’s net income, policyholders’ surplus — insurers’ net worth measured according to Statutory Accounting Principles — increased $26.5 billion to $512.8 billion at June 30, 2007, from $486.2… Continue reading P/C Carriers’ Net Income Rose, Profitability Slips, During First Quarter 07

The largest U.S. mortgage lender, Calabasas, California-based Countrywide Financial Corp., announced yesterday that it plans to revise terms on nearly 25,000 existing loan terms in an effort to help people avoid foreclosures. Countrywide already revised more than 17,000 home loans this year, and provided assistance on about 35,000 mortgages, including through repayment plans, postponements of… Continue reading Countrywide Plans Modifications to Existing Loan Terms

U.S. House leaders will confer this week on legislation overhauling the National Flood Insurance Program, including the introduction of optional windstorm coverage, with a goal of moving the bill to a floor vote by week’s end. The House Rules Committee has granted members until 5 p.m. Sept. 25 to submit for consideration amendments to H.R.… Continue reading CBO Score Boosts Flood Bill as House Prepares Floor Vote

The largest U.S. homebuilder, Miami-based Lennar Corp., whichi sells more than a third of its homes to first-time buyers, posted its largest quarterly loss in its 53-year history after $848 million of costs to write down the value of real estate. The shares fell as much as 6.5 percent. Exceeding the most pessimistic estimates from… Continue reading Largest US Homebuilder Posts Biggest Quarterly Loss, Shares Drop

Hartford Financial Services Group, Inc. is launching an initiative to tap into its national distribution channel—10,000 independent agents who sell property/casualty insurance—for sales of pension/retirement products, group benefits, and individual life insurance to business owners. “Serving as a primary source for a business customer’s multiple insurance and investment needs helps our agents sell more products… Continue reading Hartford to Use its Distribution System to Expand Products Sold to Businesses

In its semi-annual review of global financial issues, The International Monetary Fund (IMF) stated that although global economic fallout from the U.S. sub-prime mortgage meltdown is likely to be “protracted,” governments shouldn’t “rush to regulate everything.”       The IMF concluded that the “threat to financial stability increased” is in good measure because of the… Continue reading IMF Weighs in on US Sub-Prime Meltdown

With the Federal Reserve’s interest rate cut in the wake of the sub-prime and credit loan mess and economic downturn in the United States, Americans may have anticipated that the rate cut would translate into lower monthly mortgage payments and a revival of the housing market. Homeowners may be disappointed to find that the effect… Continue reading Fed Cut May Not Translate to Lower Mortgage Rates, Housing Upswing

Last Thursday, Cincinnati Financial Corp. asked the Florida court to restrict Florida regulators’ demands for reinsurance and other documents of Cincinnati subsidiaries. The Florida Office of Insurance Regulation (OIR) issued subpoenas in August for documents related to its subsidiaries’ reinsurance programs and communications with insurance trade groups, rating agencies and risk modeling firms. Cincinnati has… Continue reading Cincinnati Financial Asks FL Court to Limit Subpoenas