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After Fed Chairman Bernanke’s remarks on Friday, stocks rose while Treasury securities remained lower. The Standard & Poor’s 500 index rose 0.8 percent to 1,469.23 at 10:09 a.m. in New York, after advancing as much as 1.3 percent earlier. The yield on the benchmark 10-year note was at 4.55 percent.     Countrywide Financial Corp.,… Continue reading Market Reacts to Fed Chairman’s Speak, Bush’s Plan

President Bush will ask Congress to support plans to allow the government-basked mortgage issuer, Federal Housing Administration (FHA), to guarantee loans for borrowers who are more than 90 days behind with their payments.     This move by the White House is in effort to help millions of homeowners with sub-prime mortgages avoid defaulting. Sub-prime… Continue reading Bush to Provide Aid to Homeowners Caught in the Sub-prime Cross Hairs, Fed Chairman Speaks About Credit Market

The U.S. subprime mess is reverberating here and across the pond as politicians, regulators and financial specialists outside the United States are seeking an oversight role of American markets, banks and rating agencies. They feel that the United States is exporting financial products, but losses to investors in other countries suggest that American regulators are… Continue reading Global Investors Blame US Loan Crisis on Lax Regulations, Want Oversight

Following is a press released issued by the NAMIC related to a report issued by plantiff attorneys about the role of insurers in Hurrican Katrina:    A recently released report by a plaintiffs’ attorneys group ignores the facts about insurance companies’ response to Hurricane Katrina in a deliberate effort to pad the pockets of the… Continue reading Trial Lawyer Report on Hurricane Katrina Called Self-Serving Fiction by Insurance Groups

The NY State Insurance Department has ordered that insurance carrier may not a refuse to renew homeowners policies based on whether a policyholder also has his or her auto insurance or other coverage with the same carrier.     Insurance Superintendent Eric R. Dinallo ordered any carrier that issued a non-renewal notice on the basis… Continue reading NY State Insurance Department Stops Carriers from Tying Homeowners Renewals to Other Policies

National Association of Insurance Commissioners (NAIC) President and Alabama Insurance Commissioner Walter Bell thanked the National Governors Association (NGA) for reaffirming its policy position in support of state-based insurance regulation.     “State regulators live and work in the region they serve and experience firsthand the impact of insured events on their fellow citizens,” Bell… Continue reading NAIC Commend Governors for Commitment to Protect Insurance Consumers

The Mortgage Bankers Association stated that mortgage applications in the U.S. declined to a four-week low as the rate on one-year adjustable loans jumped by the most since the organization began keeping records in 1996. The report indicates what some home buyers are facing in securing affordable financing. The organization’s index fell 4 percent last… Continue reading Mortgage Apps Down, One-Year Loans Up

In the August 7 Federal Reserve meeting, the minutes that were released yesterday, indicate that ten days before cutting the discount rate, officials were worried enough about eroding financial conditions to weigh the possibility of taking policy action.    “A further deterioration in financial conditions could not be ruled out,” the Fed said in the… Continue reading Fed’s Minutes Reveal Concern Prior to Discount-Rate Cut

In a suit between Travelers Cos. Inc. and AcandS Inc. regarding the insulation contractor’s asbestos-related claims against the carrier, a U.S. bankruptcy judge has approved a $449 million settlement agreement the two companies. The settlement calls for Travelers, based in St Paul, Minnesota, to pay the $449 million into an escrow account, which will be… Continue reading Travelers Settlement Approved

Stewart Title Guaranty Co. (Stewart) announces that it has settled a claim of $46,700,525 for $1,000,400 in an administrative proceeding filed by the California Department of Insurance (CDOI) concerning Stewart’s purchase of reinsurance from alleged captive reinsurance companies.       In June 2007, the CDOI amended its pleadings to dismiss its claim that Stewart did… Continue reading Stewart Settles Claim with CA DOI