Declining mortgage volume has pressured LandAmerica Financial Group Inc. [ticker: LFG] to fire 1,100 employees. The Glen Allen, Va.-based title insurer laid off 700 employees in the first half of the year.LandAmerica expects resulting severance payments to reduce third- and fourth-quarter pre-tax earnings.Separately, the company's board approved a buyback of 1.5 million shares, about 9% of its outstanding stock, by the end of March 2009.LandAmerica
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The fallout from the subprime mortgage mess continues, as more international financial players have begun to call for enhanced oversight of American financial products.Banks, investment funds, and investors from Asia to Eastern Europe have all been hit by losses in the subprime market, many of them severely affected by inaccurate risk predictions or a lack of monitoring on the part of American managers.The United States had traditionally favored
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The Federal Reserve Bank of New York said Sunday that it will allow banks to use asset-backed commercial paper as collateral under its new discount window rules.
The new standard could allow banks to use a broader range of collateral and may encourage them to take advantage of the discount window more quickly.
"We are comfortable taking investment-quality asset-backed commercial paper for which the pledging bank is the liquidity
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A survey of American economists has found that for the first time, many consider heavy debt loads and mortgage defaults to be bigger threats to the U.S. economy than terrorism.
The study surveyed 259 members of the National Association for Business Economics, most of whom are economists working at either the academic level or for corporations and think tanks.
Close to a third of the respondents said they consider debt-related problems
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The state of Ohio has sued ACE Ltd. [ticker: ACE], American International Group [ticker: AIG], Chubb Corp. [ticker: CB], Hartford Financial Services Group Inc. [ticker: HIG], and Marsh & McLennan Cos. [ticker: MMC] for alleged price fixing.The lawsuit, filed Aug. 24, charges that the companies orchestrated secret conspiracies to artificially inflate prices while feigning competition between 2001 and 2004. The policies at issue provided workers'
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Oregon is the place to go if you are job seeking. According to www.oregonlive.com, "Oregon will continue to pay employees' health care premiums, a benefit that is rare in the public and private sectors as insurance costs rise. Most states pay for employees but not for family members, said Richard Cauchi, the group's health program director."
How do they continue to afford this? Oregon labor representatives say, "Even with the cost-of-living raises,
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Getting your first car insurance policy may not be a priority, but it should be. Car insurance protects one of your first investments, your car. But car insurance can be complicated and often new car insurance shoppers fail to compare car insurance rates and in turn fail to reap the financial benefits of finding the best and affordable car insurance available to them.
Don't just assume since you are purchasing your first car insurance policy that
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In California, one penalty of driving without a license is that the law enforcement officer can tow and impound the vehicle for 30 days. There is also the possibility that the vehicle can be taken by the state if you have a prior conviction for driving while unlicensed in CA.
The motorist willР’В may have other penalties such as deportation, because of the consequences of being an illegal citizen or considered an illegal alien. The penalties will be up to the court in which the violator has to attend to take care of the citation.
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