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Citigroup Inc., J.P. Morgan Chase & Co., Bank of America, and Wachovia Corp all announced yesterday that they each have each borrowed $500 million from the Federal Reserve’s discount window, taking advantage of the central bank’s steps to open up the supply of cash to the nation’s banks at a time when some of the… Continue reading US Banks Borrow Money from the Fed’s Discount Window

In article in the on-line Wall Street Journal publication it was announced that Bank of America acquired a $2 billion equity stake in Countrywide Financial Corp., a strategy to boost confidence among creditors and investors in the nation’s largest mortgage company. According the Wall Street Journal, the acquisition deal received immediate approval from regulators and… Continue reading BofA Acquires Stake in Countrywide

Earlier today, Lehman Brothers announced that it will be closing down its subprime mortgage unit BNC Mortgage LLC. This is the latest casualty in the subprime crisis during the past month. BNC was a top-20 subprime mortgage lender in 2006, originating more than $14 billion worth of home loans, according to industry publication Inside B&C… Continue reading Lehman Brothers to Close Subprime Mortgage Unit

The State of Ohio Department of Insuance has approved the acquisition by Liberty Mutual Insurance Company of Ohio Casualty Corporation. The parties expect to close the acquisition on Friday, August 24, 2007. Boston-based Liberty Mutual Group is a diversified global insurer and sixth largest property and casualty insurer in the U.S. based on 2006 direct… Continue reading Liberty Mutual and Ohio Casualty to Close Acquisition Deal on Friday

Nearly two years ago this time, Hurricane Katrina forced Congress to cut short its scheduled August recess, as members rushed back to Washington a week early to appropriate tens of billions in emergency relief. Only the sagest of seers could know whether similar storms will strike between now and Labor Day, but it doesn’t take… Continue reading House Panel Puts Homeowners Bill on the Fast Track

Tuesday afternoon, as Hurricane Dean, which had already hit Jamaica, and was making its way through Mexico’s Yucatan Peninsula, was downgraded to a Category 1. As a result, the hurricane may not prove as catastrophic in terms of insured property damage as had been feared.    According to Risk Management Solutions, a catastrophe modeling firm,… Continue reading Hurricane Dean “Milder” in Terms of Property Damage

According to the Wall Street Journal, subprime mortgage lender Accredited Home Lenders Holding is no longer accepting new U.S. loan applications and will cut more than half its work force as the company deals with the ongoing credit-market turmoil. The San Diego firm said “substantially all” of its retail lending business, which is made up… Continue reading Accredited Home Lenders Holding Announces Closing of Branches; Stops Accepting New U.S. Loan Apps

On Tuesday, Texas Insurance Commissioner Mike Geeslin put the breaks on Allstate’s increase in home insurance rates, following the company’s announcement a day earlier that it was raising them to cover potential increases in property losses. In addition to putting the squash on the carrier’s proposed 5.9 percent statewide rate hike, the commissioner also issued… Continue reading Texas Insurance Commissioner Stops Allstate’s Homeowners Rate Increase

Ongoing problems for Countrywide Financial continue as it attempts to boost confidence among depositors and reassure them that their funds are safe at the company’s Countrywide Bank savings bank unit. Customers have been telephoning or visiting Countrywide Bank offices in several cities across the country asking about the security of their deposits. In some cases,… Continue reading Countrywide Battling to Calm Customers

Figures released by RealtyTrac, an on-line marketplace for foreclosure properties, indicate that home foreclosures rose 9 percent in July from June and were up 93 percent from a year ago.     The July foreclosures totaled 179,599, according to RealtyTrack. California and Florida led the country’s foreclosure activity during July. Ohio, Michigan, and Georgia experienced… Continue reading Home Foreclosures Up Ninety-three Percent from Last Year This Time