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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

National Association of Insurance Commissioners (NAIC) President and Alabama Insurance Commissioner Walter Bell, along with other members of the NAIC’s Southeastern Zone, is holding a public hearing to address insurance issues in coastal zones. Bell will be joined by state insurance regulators from Florida, Louisiana, Mississippi and South Carolina. “There are pressing needs in the… Continue reading Public Hearing on Coastal Insurance Scheduled Today in AL

The American Insurance Assocation (AIA) today provided testimony supporting Massachusetts’ move to a competitive auto insurance system, during the Department of Insurance’s (DOI) hearing on the auto insurance competitive rating regulation. “AIA recognizes that the evolution from a “fix and establish” system and culture to one where competition will be encouraged requires a measured approach.… Continue reading AIA Supports Move for Competitive Auto Rates in MA

In responding to critics who contend that the Federal Reserve’s low interest rates earlier this decade helped create a housing boom and bust, Federal Reserve Chairman Ben Bernanke, said global factors that held down long-term interest rates worldwide were a more important factor.    At a House hearing on the nation’s housing slump, Mr. Bernanke… Continue reading Fed Chairman Responds to Critics on Its Role in Housing Boom and Bust