Banks and insurers are urging the U.S. Internal Revenue Service to give them a break when it comes to dealing with write downs of bad debt, particularly mortgage- backed securities that have little or no value.
U.S. property and casualty insurance sales gained for the first time in 13 quarters, as carriers including Allstate Corp. raised rates to counter catastrophe costs and the slowdown in demand that began in 2007.
The 14 largest U.S. mortgage servicers must pay back homeowners for losses from foreclosures or loans that were mishandled in the wake of the housing collapse, according to consent decrees released yesterday.
An insurance trade group wrote to President Barack Obama objecting that the Financial Stability Oversight Council doesn’t yet include two out of three required representatives with knowledge of the industry.
The U.S. Treasury Department said it will create a panel to advise regulators on insurance issues after the industry complained it wasn’t getting enough input on the Financial Stability Oversight Council.