The News Review:
- FDIC nears IndyMac sale
- Agency Copes With a Mortgage-Insurance verflow
- Florida calls Conseco Life Insurance on the carpet
- Rethink Health Insurance Plan
FDIC nears IndyMac sale
CNNMoney.com
The Federal Deposit Insurance Corp. which has been running the bank since early July is reportedly close to finding a buyer for its remaining shriveled assets. The shock that the bank’s failure caused in July has been muted by the trillions committed by the government in other failure bailouts supporting institutions that dwarf IndyMac in size and influence. The FDIC now estimates it will spend about $8. 9 billion protecting the deposits of IndyMac’s customers although the final cost to its $35 billion insurance fund will depend upon how much it gets for the bank’s remaining assets.
Related from Marketingmonster: CompuCredit settles for $114 mln in marketing case
Agency Copes With a Mortgage-Insurance verflow
Wall Street Journal
HAGERTYPHILADELPHIA — Hundreds of private lenders using the latest technology and paying high salaries failed to adequately manage mortgage credit risk during the housing boom. Now the Federal Housing Administration using 24-year-old computer programs and civil servants who still handle some loan documents by hand is trying to do better. At an FHA processing center in Philadelphia’s Center City — one of four such centers across the country — the number of loans approved for insurance has soared to an average of about 40000 a month from 12250 a year ago. Each day couriers drop off about 700 mortgage loan applications in paper form typically 150 to 200 pages each to the Philadelphia office. The FHA recently began testing the use of scanners to convert those documents into digital form. For now though employees still thumb through them manually to make sure the forms are complete.
Florida calls Conseco Life Insurance on the carpet
Forbes NY
to show cause why its Florida license should not be revoked or suspended for misleading approximately 5000 customers. For three years the company failed to notify the state or customers that their Lifetrend policies were underfunded the ffice of Insurance Regulation said Tuesday.
Rethink Health Insurance Plan
Wheeling Intelligencer WV
That is the case in hio where Gov. Ted Strickland in April signed an order creating the Children’s Buy-In Program. The idea was to provide health insurance for children from middle-income families. It had been expected that as many as 5000 children would be enrolled by June.