Genworth Financial Inc., the seller of life insurance and long-term care coverage, posted the second- biggest gain in the Standard & Poor’s 500 Index after the unit backing U.S. home loans reported its first profit since the financial crisis.
John Thain, who sold Merrill Lynch & Co. for a premium at the height of the financial crisis, has transformed the once-bankrupt lender CIT Group Inc. into an enticing takeover target for some of the largest banks.
When Jay Sugarman’s IStar Financial Inc. bought Fremont General Corp.’s commercial lending business in June 2007, the deal brought loans on undeveloped residential land as new home sales were two years into a six-year slide.
MBIA Inc., the bond insurer suing Bank of America Corp. to recover losses tied to mortgage loans, won an appeals court ruling that the lender could be required to repurchase securitized loans even if they aren’t in default.
Moody’s Corp. shares may drop as the market’s indifference to its downgrades prods bond issuers to stop paying for ratings, according to Mark Palmer, an analyst for BTIG LLC, a trading firm in New York.
Genworth Financial Inc., the provider of life insurance and mortgage guaranties, said it is suspending sales of individual long-term care coverage in California as the company works to start replacement offerings with better returns.
MBIA Inc. defeated a lawsuit by Bank of America Corp. and Societe Generale SA that sought to reverse approval of the bond insurer’s $5 billion asset-transfer because it cut money available to cover their policy claims.
Genworth Financial Inc., the seller of life insurance and long-term care coverage, said fourth- quarter profit increased 17 percent in the first earnings report under Chief Executive Officer Thomas McInerney.