WASHINGTON - (10/31/05) -- A senator has added his support to aHouse effort to bail out uninsured homeowners in New Orleans andelsewhere in the Gulf States where hurricanes Katrina and Ritadestroyed hundreds of thousands of uninsured properties.Mississippi Sen. Trent Lott last week introduced a bill similar tothe one championed by Mississippi Rep. Gene Taylor and three dozenother House members which would allow uninsured property owners inthe storm-wrecked areas to but flood insurance through the FederalEmergency Management Agency's National Flood Insurance Programretroactively. Under the proposal, uninsured homeowners would becovered for flood damages caused by the two massive hurricanes inexchange of 10 years of premiums and a 5% payment. The paymentswould come out of the insurance payouts. Meantime, Mississippi Gov.Haley Barbour visited Capitol Hill last week to press his own planto have the federal government allocate billions of dollars ofunspent relief funds for Katrina and Rita to cover uninsuredpropertyowners. A failure to cover flood losses for the damagedproperties would leave credit unions, banks and other lendersholding the bag for billions of dollars of worthlessmortgages.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
9h ago -
The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
10h ago -
The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
10h ago -
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
11h ago -
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
April 18 -
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
April 18