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According to a national survey conducted on Tuesday, nearly 57 percent of mortgage broker customers were unable to refinance their adjustable-rate loans to avoid higher monthly payments in August, suggesting the U.S. housing slump may worsen. A poll of 1,744 brokers was conducted during the last week of August by Washington-based research Campbell Communications, revealing… Continue reading Refinancing for Mortgage Broker Customer Increasingly Difficult

As New York-based American Home Mortgage Investment Corp, once one of the country’s biggest mortgage lenders, and its formers financial backers clash, thousands of homeowners face the risk of losing their homes, according to government-chartered housing financier Freddie Mac.     Freddie Mac in documents filed with the U.S. Bankruptcy Court in Wilmington, Del., stated… Continue reading More Homeowners Woes as American Home Mortgage and its Former Backers Face Off

Governor Arnold Schwarzenegger has vowed to veto a bill that California lawmakers have just passed, forcing businesses in the state to shoulder the $9 billion cost to expand health-care coverage. The Democratic-controlled legislature passed the bill by a 22-17 margin in the Senate and 45-to-31 vote in the Assembly. The bill would extend coverage to… Continue reading Speaking of Health Insurance, CA Passes Bill to Expand Health Care

Lawmakers in the House and Senate are expected to meet today to begin discussions over their differences regarding the Children’s Health Insurance Program (CHIP) which is set to expert on September 30.    The Democrats’ objective is to resolve this before the deadline and send a bill to President Bush, who threatened a veto.  … Continue reading Kid’s Health Insurance Set to Expire End of Month, Lawmakers to Meet

According to the Insurance Information Institute (I.I.I.), six years after September 11, 2001, the threat of terrorist attack remains a source of tremendous uncertainty for the United States economy, with potentially negative consequences for both business interests and employment. “Besides killing almost 3,000 individuals, the terrorists also sent economic shock waves throughout the U.S. economy,”… Continue reading III Commentary: TRIREA and Terrorism Six Years Later

As Congress debates reauthorization legislation for the U.S. Small Business Administration, the surety industry wants to make sure the SBA’s Bond Guarantee Program gives sureties some certainty about the program’s future stability.     In testimony before the House Small Business Committee the week of Sept. 3, Bill Peterson, a vice president of CNA Surety… Continue reading Sureties Tell Congress They Need Stability in SBA Bond Guarantee Program

After announcing on Friday that Timothy J. Mahoney, Marsh Inc.’s chief executive officer of the Americas, was leaving the brokerage firm and joining Integro Ltd as an executive vp, the move is now off.     “Tim Mahoney will not be joining Integro. It was our understanding we had an agreement with Mr. Mahoney; we… Continue reading Marsh CEO Mahoney Not Joining Integro

A Florida-led bid to trim homeowners’ insurance premiums by creating a national risk pool met with staunch opposition Thursday from the Bush administration and lawmakers from states who said they oppose subsidizing a beachfront lifestyle.    The upshot of the House committee hearing for the legislation — a “very steep hill to climb,” said Rep.… Continue reading Catastrophe Fund Conflict between South Florida Congressional Members and White House Opposition

On Friday, the Washington State Department of Labor and Industries proposed increasing workers compensation rates by an average of 3.2% for 2008.    In a statement made by the department, the increase would cost employers $58 million and would help it keep pace with inflation for wage replacement and health care expenses.    Washington is… Continue reading WA State Proposes WC Rate Hike

According to CNBC-TV, former Chairman of American International Group Maurice “Hank” Greenberg has agreed to testify before federal regulators regarding a multi-year probe into finite-reinsurance deal. His lawyer, David Boies, stated that Mr. Greenberg received a subpoena from the Securities and Exchange Commission and will testify later this month.    The subpoena, issued almost two… Continue reading Former AIG Chairman Greenberg Will Testify in SEC Probe