Citing worries about subprime mortgages, Fitch Ratings has downgraded the insurer financial strength rating of Security Benefit Life Insurance Co., Topeka, Kan., and is keeping it on Rating Watch Negative. Fitch said the downgrade stems from Security Benefit's acquisition of Rydex Investments, specifically from concerns about the financing of the transaction and its effect on Security Benefit's balance sheet fundamentals. Fitch said it was maintaining the negative watch status based on Security Benefit's exposure to subprime mortgages through its investment in mortgage-backed securities. "The company's surplus exposure to subprime-related investments is significantly above average for the life insurance industry, and Fitch believes that deteriorating conditions in the mortgage market and the economy as a whole could further impair the quality of Security Benefit's portfolio of asset-backed securities," the rating agency said.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
8h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
11h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11