equity tennessee

Become an Independent Loan Agent

2010-11-29T09:01:00.001-08:00

Commercial Mortgage Alisence

2010-11-25T09:20:00.001-08:00

If you separate out a residential or commercial mortgage brokers and lenders and their mortgage license may want to compare qualifications are considering taking. What they learn about the mortgage licensing requirements and how a broker or lender may be a useful way to get more information on run means.

Anyone who is interested in buying a home for the qualification and to get a home loan companies they can choose to do business with may want to know about the legitimacy of. Most states in the United States to certain requirements that brokers and lenders should do business there. A common requirement is mortgage license.

Mortgage brokers and lenders in the states they are exceptions in some states that do not work with mortgage licensing requirements, need a mortgage license. License to ensure that they are trained and must adhere to certain standards in their mortgage operations. Different states, however, can be very different rules. Rules can differ among the brokers and lenders.

Some states have physical office requirements, which means that the mortgage company is a full-time branch manager with a real brick and mortar office in the State will. Need not be a physical office means that companies work more easily on the Internet and that need may not actually have an office in the state. Brokers and lenders in some states to pass an examination to become licensed is required. Licensing requirements may be or may not be different about the second mortgage. Alaska, Colorado, and Wyoming do not have license requirements for all brokers. Indiana and South Carolina with those three states, lenders do not have licensing requirements.

In some states, mortgage broker or lender may be exempt from licensing requirements if they or broker to make a certain number of loans may be more or less every year. Arkansas, Columbia, Delaware, Iowa, Maryland, Massachusetts, Maine, Minnesota, New York, Pennsylvania District, and Rhode Island based on specific circumstances can these types of discount brokers. Arkansas, Alabama, Connecticut, Columbia, Delaware, Georgia, Kentucky, Maryland, Massachusetts, Maine, Michigan, New Jersey, New York, North Carolina, Rhode Island, Tennessee District, and Virginia, lenders may allow these concessions. It suitable for any state to ensure that no laws are broken in touch with the Department of State is important for lenders and brokers, however.

Some professions such as law firms, licensed mortgage brokers and mortgage lenders can get services, and many states license mortgage may offer to purchase packages or discounts. Mortgage brokers and lenders terms and without the physical office in states without examination needs to expand, especially because those states naturally easier for them to operate could be in

Mortgage license information, as well as applying for licenses, have usually received from the State Banking Department can be. Many of the most popular and well known lenders and brokers in all 50 states and are licensed for all types of loans.

U.S. Debt Partners, based in Minnesota, a well known company to buy the house, equity, and improve loan offers. He also refinance services, debt consolidation loans, and provide free credit reports. U.S. debt by partners with other companies provided services such as those who are licensed in the states are limited only by your lender. Mortgage License Information For a complete list of each state that requires public disclosure of U.S. debt partners can be found on the web site.

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Six murders in California Income Tax Extension

2010-11-25T09:13:00.000-08:00

California Income Tax Extension in Broward County, California, in the five first-degree murder counts on Tuesday July 18 stabbing deaths of the different partners, three members of his family and a family friend was convicted.

California Income Tax Extension its little brother, killed in California to increase earned income credit charges, but the case will be tried elsewhere and was not included in the indictment on Tuesday. The prosecution indicated it will be added to a further date after Easter, perhaps. Officials did not mention whether or not they will participate in egg hunt held in the capital.

Given the allegations against the prosecution in California Income Tax Extension can get the death penalty. There has been little said about whether the prosecution felt like it might be fun, that death would try to go for the brass ring.

California Income Tax Extension was given every chance at a decent life. It first jumped on a surfboard when the Cocoa Beach, Florida near his home was a kid. Her father owned a feed store to sea to deal with, so it almost every day after school at the beach will search for big waves - and sometimes even before school. It was visible in the surf magazines and even had an agent at the age of 20, it is a small to ever make money, making it one of the extensions.

However, things went awry when the governor, Arnold Schwarzenlolburger, a full-time position in his cabinet is placed on the California income tax extension. The Governator in the company of colleagues spent long nights after a series seen personality changes. It is more sad, tired, and withdrawn. Political comeback after a week in Tahiti, California Income Tax Extension Cabinet officially retired his position and sought employment in the private sector.

Well things are going to expand California's income tax recently seemed, claimed his neighbor. "It recently joined a book club and taxable private equity rate changes to go out on a couple of dates with talked about. I just can not believe something like this can . Neighbor, who refused to his name the next five minutes spent sitting on the grass, to make out what the 1812 Overture is an explanation of the soil, the soil appeared, and grass.

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State Foreclosures - different rules apply

2010-11-25T09:09:00.000-08:00

Various regulations рдЕрдкрдкрд ▓ реНрдп - Foreclosures By State

Ground rules at the national level and the rules of criminal procedure are very similar, but slightly from state to in state and county to county vary. The fact that under criminal law anyone wanting to buy a property that they state as an example, the investor who wants to buy a second home are willing to buy property in. apply in Some is due to the need to understand Tennessee or Florida, but lives in New York say holiday home, to the bone of the states criminal law would be wise.

As an example we know that all foreclosures in Florida under judicial process to take place. Non-judicial of foreclosures in Florida law as they sometimes were not well organized supposedly is not allowed. Every foreclosure that takes place in Florida passes through the courts. Safety is a primary means of mortgage and mortgage in Florida in the section "power of sale" is. A foreclosure in Florida to meet the time line of about 180 days, and all Florida home owners "have the right to redemption."

Right of redemption means that home owners were after a certain period of time, their property has been sold at auction, to reclaim their property if they have to give credit to meet all costs can come up with the money. This provided only 10 days, there used to be much higher chance of redemption rights in Florida if you are looking to invest in foreclosure property is not.

In a judicial foreclosure lender is required to file a complaint with the courts, the Court will issue the lender with a decree of sale. The lender is then able to take possession of the property from the borrower. The decree of sale of home owners to offer a certain amount of time to pay back the loan and the costs and the court ordered that the property owner of the house will be sold with the money does not comes with money.

Reduction decisions are not allowed in Florida. This is a decision that the home owner to sue the lender for the amount raised in the sale of property and exactly what was owed on the loan between any reduction allows for the re. All mortgages are foreclosed in equity and counter claims to go to a different test.

In contrast, both judicial and non judicial foreclosures Tennessee allows to take place. Trust Deed and mortgage principal means of protection and the power of sale clause that allowed the two agreements. Usually as little as 60 days of the foreclosures are completed and the owner of a home in Tennessee have a right of redemption. The state also allows for reduction decision. So as you can see to these laws vary by state in foreclosures.

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California Real Estate Do not bet

2010-11-25T09:07:00.001-08:00

After hearing the news and see trends, it is clear, 'recession' and some people already started to see their homes equity to drop that California real estate market is in a little. Real estate does go in cycles, up from the bottom for a number of years, do it. Sure, record low interest rates help a few years ago the price of houses climb, but now the time where prices are declining and investors are looking for something more profitable.

It was only time before the market cooled off. Many economists were surprised to cool the housing so long taken as a matter of fact. In states like Tennessee, California, cost about $ 200,000 in a million dollar home. This is a huge misconception that the country's "heartland" nothing to have fun. Tennessee is home to very relaxing and fun activities. There are several golf courses in gated communities such as Grand Valley Lakes, right on the Deer Creek golf course and located. In addition to that, many rivers and lakes flow across states like Tennessee and Texas.

"Texas is pretty big size and resources, it is extremely profitable and have fun. Communities around Lake Livingston, such as rivers and lakes, to develop. Such a very low cost piece of land in an area to find a home can make a huge profit either to sell or even to live and / or decide to retire there!

As you can see, California real estate market is extremely weak. However, this means that more investors will seek out other real estate investment and development communities a great help both countries to grow and a way to make a generous profit.

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Different rules apply to state Foreclosures

2010-11-25T09:03:00.000-08:00

Many benefits of Homeownership

2010-11-01T10:10:00.000-07:00

Different rules apply to state Foreclosures

2010-11-01T10:03:00.000-07:00

You get a loan if you are underwater.

2010-10-30T09:29:00.000-07:00

Urban to: Real Estate Trends

2010-10-21T12:41:00.000-07:00

Can You Get a Loan If You Are Bankrupt?

2010-10-18T23:32:00.001-07:00

Arkansas Capital Venture Fund Groups Role upon NW Counties

2010-10-16T00:19:00.000-07:00

Can You Get a Loan If You Are Bankrupt?

2010-10-14T00:57:00.001-07:00

Managed Forex Account - Getting Started

2010-10-12T03:15:00.000-07:00

Low Rate Car Loans to choose before Applying for Car Loans

2010-10-09T05:05:00.001-07:00

“This is a government that is serious about real reform”

2010-10-07T02:08:00.001-07:00

Facts about home equity line of credit everyone should know

2010-10-05T02:32:00.000-07:00

Home Equity Lines of Credit (HELOC) home owners offer a ready source of funds for large purchases unplanned and planned. A HELOC works like a credit card, a cash advance safe, if the homeowner has to make a purchase. Typically, the HELOC does not restrict a borrower purchase, but vary the deductibility of interest on the loan.

HELOCs hold several advantages and disadvantages. On the positive side, a HELOC is a substantialAmount of credit available to homeowners. The amount of loans available vary between lenders and is determined by factors such as the value of the house of the borrower, the balance of the original loan, the existence of a second mortgage or other liens on the property, the borrower's credit history and current load debt.

Borrowers may be able to deduct the HELOC-financed purchases, depending on how the funds are used and how much money HELOC is. The Internal RevenueService has limits on the deductibility of HELOC funds set up. Publication 936 – Home Mortgage Interest Deduction – explains these limitations in detail.

With HELOCs, borrowers can usually borrow up to the total amount of the loan, whenever you need. HELOC purchases are generally not limited, but the HELOC loans typically contain provisions that the service provider to terminate or reduce the credit available to you under certain circumstances. HELOCs also contain at least the withdrawalProvisions that a certain level of spending for each transaction.

Some lenders will convert a loan at a variable rate HELOCs fixed rate loan. Other lenders loan to convert part of the line of credit to a fixed rate. A borrower can reduce their risk and to stabilize its monthly payments with this type of conversion.

Since the borrower to secure home HELOC, the interest rate is often lower than it is with a traditional with a HELOCsecond mortgage. Some borrowers can find the lowest interest rate for HELOCs be an attractive feature.

While HELOCs offer many positive features, but also contain the problems and potential borrowers should be aware. Mainly provides a HELOC borrowers with equity in his home. As with a traditional mortgage, the borrower risks losing his home if he has fulfilled the conditions of the loan agreement are not met.

Another disadvantage of the HELOC loan is the borrowerThe payments, only the interest on the loan or may be only part of the capital owed. The borrower may not have the payments reduce the principal amount at all, or cut not enough to pay the loan in full for the duration of the contract. The borrower may be required to pay the balance of the loan immediately if the loan period has expired.

The interest rate on a HELOC is variable and the monthly payment can change at regular intervals, as a result.When interest rates rise significantly, the monthly payment the borrower to pay will also increase at times beyond the capacity of the borrower. HELOCs typically contain provisions that increase the amount of the loan, the interest rate to limit or restrict the increase in monthly payment. monthly payment limits it can cause problems for borrowers, at the end of the loan period, if the amount of payments over time was not sufficient to cover the principal claim.

HELOCs can be abuilt-in "balloon payment" at the end of the loan. A balloon payment is a large sum of money that is due in full at the end of the loan. A loan with a balloon payment typically requires the borrower to refinance the balloon to re-pay the loan, the balloon or in full.

The lender can pay the balance due on a HELOC to immediately and in full if the borrower sells the house, reducing or eliminating the ability of the borrower to buy a newhome. In addition, the service provider to ensure the borrower from letting a house with a HELOC, the borrower retains title to their primary residence during the prohibition of the loan.

Overall, HELOC borrowers should understand the terms of the loan before they enter into such agreements with a lender, and other options, how to assess, for example, second mortgages. When comparing rates for different credit products, potential borrowers should remember that lenders do not calculate the APRSof conventional loans and HELOCs in the same way.

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Negotiating Your Loan from State to State_5075

2010-10-01T02:30:00.000-07:00

Banks in `Downward Spiral’ Buying Capital in CDOs Distrusted by Regulators

2010-09-28T04:39:00.000-07:00

By Yalman Onaran and Jody Shenn June 8 (Bloomberg) — U.S. banks are fighting to preservethe use of securities that help them appear better capitalized,even as their investments in each others’ notes perpetuate whatone regulator calls a “downward spiral” of losses. The cross-ownership, largely unnoticed by bank supervisorswho generally discourage the practice, was made possible by aWall Street innovation like the ones that allowed subprimemortgages to flourish. Small lenders, such as Riverside NationalBank of Florida, were able to sell trust-preferred securities,known as TruPS, because investment bankers packaged them withthose issued by dozens of other financial institutions. Riverside, which started in a trailer in 1982, boughtcollateralized debt obligations made up of TruPS as it grew to65 branches and $4.8 billion assets. When real estate soured andlenders racked up loan losses, Riverside and about 400 of itspeers suspended interest payments on their TruPS, causing theCDOs to default or lose value and inflicting more harm on anindustry suffering from the worst economy since the 1930s. “The industry was self-financing, using loopholes inrules,” said Joseph Mason, a professor of finance at LouisianaState University in Baton Rouge. “Regulators weren’t keepingtrack of ownership of the capital, which became more difficultto do with the use of CDOs. The losses fed on each other.” Collins Amendment Riverside, based in Fort Pierce, Florida, was one of almost1,400 U.S. lenders that had issued $149 billion of trustpreferreds by the end of 2008, according to the Federal ReserveBank of Philadelphia. About $45 billion of CDOs filled with suchTruPS were created by the time the market for securitized debtshut down that year, according to PF2 Securities Evaluations, aNew York-based company that helps banks and funds evaluate CDOs. Congress may end the use of TruPS as capital, forcing banksthat issued them to replenish their coffers. Banks are lobbyingto remove a provision barring their use that was introduced byMaine Republican Susan Collins and included in the financialreform bill passed by the Senate last month. The Senate versionis being reconciled with one passed by the House ofRepresentatives in December that doesn’t include a ban. “We’re still working to try to minimize the damage theamendment would do to bank-holding company capital,” said MarkTenhundfeld, executive vice president of the American BankersAssociation, which predicts the rule could force banks to raiseas much as $130 billion of new capital or curtail lending. ‘Modifications’ Possible Collins will “support modifications to address concerns ofcommunity banks,” spokesman Kevin Kelley said withoutspecifying what those might entail. Lobbyists for theIndependent Community Bankers of America, a Washington-basedgroup representing about 5,000 smaller lenders, have met withkey lawmakers in recent weeks to discuss the capital issue. Thefinal version of the bill may provide a transition of three-to-five years to comply with the rule, people with knowledge of thenegotiations said. If the Collins provision survives, it will come too late toundo the damage caused to Riverside, which was shut by theFederal Deposit Insurance Corp. on April 16. The bank has suedthe firms that sold the TruPS CDOs for not disclosing that theywere marketed to other lenders and the rating firms foroverstating the creditworthiness of the securities. Type of Capital TruPS are securities issued after a bank-holding companysells debt to an off-balance-sheet trust, which then sells thenotes. They’re considered a type of capital for regulatorypurposes because they rank between common stock and senior debtin a bankruptcy. The notes allow a bank to defer making interestpayments for up to five consecutive years. Unlike other types ofpreferred stock, they have fixed maturities, and misseddividends must be paid later. For tax purposes, they count asdebt, and the interest paid out can be deducted like otherinterest expenses. CDOs that bundled TruPS are similar to other complexproducts designed by Wall Street banks that pooled assets suchas mortgage bonds and loans used in leveraged buyouts into newsecurities, with varying risks and ratings. CDOs were among thelargest sources of the $1.8 trillion of losses suffered by theworld’s biggest financial companies that required governmentsworldwide to bail out banks with taxpayer funds. While TruPS have been around since the 1980s, they gainedwider acceptance when the Federal Reserve, which regulates bank-holding companies, allowed them to be treated as Tier 1 capitalin 1996. FDIC Objects The Office of the Comptroller of the Currency, whichoversees bank subsidiaries of holding companies, wasn’t happywith the rule change and never implemented it, according tothree officials with knowledge of the discussions. As a result,it was Riverside’s parent company, Riverside Banking Co., whichissued the trust preferreds. The FDIC has also objected to TruPS as being too weak forcapital purposes, according to George French, the agency’sdeputy director for policy in the division of supervision andconsumer protection. The agency’s chairman, Sheila Bair,expressed support for the Collins amendment in a letter she sentthe senator on May 7, the day it was introduced. The agency’s view was confirmed during the financialcrisis, French said. Banks couldn’t use their TruPS as capitalbecause deferring the dividends would have been seen asweakness, which could have led to bank runs. When payments weredeferred, they caused losses for the TruPS held by other banks. ‘Downward Spiral’ “It contributes to a downward spiral,” French said. Proposals by the Basel Committee on Banking Supervision,which brings together regulators and central bankers of 27countries, would also eliminate TruPS for use as capital. When TruPS were first introduced, only the largest U.S.banks, such as Citigroup Inc. and Bank of America Corp., couldissue them. Smaller banks couldn’t sell in sizes large enough toattract investors, and fixed legal and other costs ate into thevalue of smaller deals for issuers. A team at Citigroup led by Josh Siegel helped change thatby coming up with the idea of pooling TruPS into CDOs andcreating the first deal in 2000, convincing rating firms andinvestors that a diverse pool of banks across the country meanta slice of the debt could be rated AAA. First Horizon NationalCorp., based in Memphis, Tennessee, and KBW Inc. in New York,two investment banks that had better relationships withcommunity lenders, followed jointly a few months later. Market Explodes The introduction of CDOs helped the market explode. Almost250 of the 459 banks whose shares were listed on major exchangesin 2002 had sold trust-preferred securities, up from about 100in 1999, according to SNL Financial, a Charlottesville,Virginia-based financial information and research provider. It also wreaked havoc on the banking sector. The pileup ofTruPS on banks’ balance sheets went unnoticed by regulatorssince they were grouped with other investment-grade debt,according to three banking supervisors who asked not to beidentified. Only last June were banks required to disclose theirholdings of TruPS CDO in regulatory filings. They still don’thave to report purchases of non-pooled TruPS. “There wasn’t enough oversight of the systemic risks thatthe banks’ ownership of these securities could create,” saidMark Williams, a former Fed examiner who teaches finance atBoston University. Enabling smaller banks to sell TruPS provided them withfunds they used to expand into construction lending, commercialmortgages and home-equity debt, fueling a real estate bubblethat burst in 2007. ‘Enticed’ by Yields “It was an extremely cheap way for the smaller banks toraise capital,” said Jeffrey Caughron, an associate partner inOklahoma City at Baker Group Ltd., which advises community banksinvesting $20 billion of assets. “The securitization processand the demand created by securitization, created an environmentwhere trust-preferred issuance became very cheap.” Banks also were “enticed” by the CDOs’ higher yields,Caughron said. One investment-grade TruPS CDO slice sold inDecember 2006 offered yields that floated 2.70 percentage pointsabove the three-month London interbank offered rate, a borrowingbenchmark, Bloomberg data show. TruPS CDOs helped banks get around restrictions on owningequity stakes in each other. Regulations force banks to deductfrom their capital the full amount of any equity holdings inother banks. Trust preferreds, since they are considered debtinstruments, carry a much smaller capital charge, similar tothat associated with corporate debt. The ownership of TruPSCDOs, if rated investment grade, carried even less capital cost,since securitized debt is deemed to be safer. Conserving Cash If a bank bought $100 of Citigroup shares, it would have tohold $100 of capital against that asset. The purchase of $100 inCitigroup TruPS would require only $8 of capital. For $100 ofAAA rated CDOs that pool bank TruPS, the amount of regulatorycapital to be set aside declines to $1.60. When the credit crisis hit and banks suspended payments ontheir TruPS to conserve cash, the value of the securitiesdropped, leading to losses for the holders. ZionsBancorporation, a Salt Lake City-based lender, saw its $2billion investment in trust preferreds of other financialinstitutions decline by a third in value, according toregulatory filings. John L. Skibski, chief financial officer of Monroe,Michigan-based MBT Financial Corp., the parent of Monroe Bank &Trust, bought about $20 million of TruPS CDOs, most of thembefore 2006. They have been marked down by about half since. “I did read through the offering statements, and thought Iunderstood all the details on how they worked and felt thatbecause it was the banking industry they would be good,”Skibski said. “In hindsight, in seeing how the industry hasgone down, I would not have bought them.” Negative Outcome Skibski’s bank, which started in 1858, didn’t invest inother securitized debt or sell TruPS. Owning CDOs that pooled trust preferreds had anothernegative outcome. The suspended payments by issuers caused CDOsto be downgraded by rating firms. When the rating dropped belowinvestment grade, as dozens of them did, the banks’ capitalcharges against the CDOs could multiply by 60 times. The CDOs made it difficult for banks to negotiate withholders of their TruPS to convert them into common stock, whichwould have been the best way to use them as capital withoutbeing stigmatized for deferring payments. While investors inhigher-rated tranches of a CDO may benefit from a conversion,holders of lower-rated slices wouldn’t, preventing an agreement,according to Andrew Silverstein, a partner at Seward & KisselLLP law firm in New York who has worked on such deals. ‘Hurting Each Other’ More than 13 percent of TruPS within CDOs had defaulted asof April, with payments suspended on an additional 17 percent,according to Fitch Ratings. Riverside’s default on $99 millionof TruPS in 10 CDOs was the largest since December, according toa report by the New York-based rating firm. The bank had haltedpayments in October 2008. The bank bought $211 million of TruPSCDOs, according to its lawsuit. “When the buyers and the sellers are the same, they starthurting each other,” said Joel Laitman, a New York-basedpartner at law firm Cohen Milstein Sellers & Toll PLLC who isrepresenting Riverside in its lawsuit. The case, filed in New York State Supreme Court inNovember, was brought against the firms that sold CDOs toRiverside, including First Horizon, KBW, Citigroup, JPMorganChase & Co., Credit Suisse Group AG and Merrill Lynch & Co. Italso named rating firms Moody’s Investors Service, Standard &Poor’s and Fitch. The FDIC was added as a plaintiff on June 3,the same day the case was moved to federal court. ‘Negative Loop’ In a motion to dismiss the case, the investment banksdenied that they made any misleading statements and said thatRiverside was a sophisticated institutional investor that shouldhave done its homework. A separate motion by the rating firmssaid Riverside had failed to identify any statement by them thatcould be considered fraudulent. Both motions are pending. “Regional and small banks weren’t aware that these CDOswere being marketed to other banks,” said Laitman. “Thiscreated a negative loop. Investment banks selling this stuffwere the only ones who knew about this.” Vernon D. Smith, Riverside’s founder and head untilretiring in 2009, who has also owned a cattle ranch, citrusgroves, radio stations and a weekly newspaper in Florida, didn’treturn telephone messages left at his house. Super Bowl Tickets TruPS CDOs are also at the heart of a series of lawsuitsbrought by the liquidation trustee for Northbrook, Illinois-based Sentinel Management Group Inc., a cash-management firmthat collapsed in 2007. The trustee sued First Horizon, KBW andCohen & Co., a Philadelphia-based securities firm affiliatedwith a family involved in almost half of such CDOs, saying theirbankers bribed a Sentinel employee with Super Bowl tickets,strip-club visits and dinners at restaurants such as Tao in NewYork to get him to buy risky low-ranking slices of the CDOs. In March, First Horizon said the Securities and ExchangeCommission told it the agency might file a lawsuit against thebank over a transaction with Sentinel. Jack Bradley, a spokesman for First Horizon, KristaEccleston, a spokeswoman for KBW, and Megan Livewell, aspokeswoman for Cohen, declined to comment. In legal responsesin the cases, the three companies denied they engaged inwrongdoing and disputed some facts. ‘On the Roadshow’ The trustee also says that the banks arranged to buy backsome of the older CDOs from Sentinel as they sold it new ones.The arrangement may have helped get deals done because investorsin new CDOs often want to know that the junior-most pieces, alsocalled equity, will be sold, said Howard Hill, a former BabsonCapital Management LLC money manager who helped startsecuritization-related departments at four banks. “When you go out on the roadshow, a question that veryoften comes up from potential bondholders is, ‘Have you sold theequity,’” he said. Investment bankers may have used relationships developedhelping lenders issue TruPS to persuade them to buy relatedCDOs, said Joshua Rosner, an analyst at Graham Fisher & Co., anindependent New York-based research firm, and co-author of a May2007 report that said a collapse of mortgage-bond CDOs wouldroil markets. “When they didn’t find enough natural demand among onlyinstitutional investors, they could turn around and sell back tothe very banks that had issued into the last one, or would beselling into the next one,” Rosner said. “It created a bigPonzi scheme.” ‘Shocked’ at Disclosures Too many banks ended up buying the mezzanine tranches ofthe CDOs, which went bust faster than the highest-rated ones,according to Siegel, who left Citigroup to co-found New York-based StoneCastle Partners LLC, which manages about $3.1billion, including TruPS CDOs. He said he didn’t realize thatwas happening as the market grew and was “shocked” atdisclosures about what banks had bought. “Smaller banks should not have been buying any kind ofstructured paper” except for simple government-guaranteedmortgage securities, Siegel said. “Unfortunately, too much ofthis paper has landed back at banks, which really wasn’t whatshould have happened.” To contact the reporters on this story:Yalman Onaran in New York at yonaran@bloomberg.net;Jody Shenn in New York at jshenn@bloomberg.net.

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Apart from no nasty letters through the door, getting down to my beach and not having to go to work in the City are a small retreat from the hectic world of UK Insurance. Last week was no exception with the attempted takeover of the AVIVA General Insurance Division by the much smaller RSA (those of More >han Fame) for a paltry £5 billion!

According to the UK Insurance News this week the rationale behind this move was that there is a general feeling amongst the Insurance Illuminati that Composite Insurance companies are a thing of the past and Insurance companies should be broken up into specialist areas.

In politics they call this decentralisation. In IT it’s called distributed processing.

Whenever we get a Government in the UK that swings to the right you will get calls for decentralised power and this time it appears the doom mongerers are spreading their ill informed zeitgeist amongst the Insurance movers and shakers!

Fortunately the predominantly life insurance company AVIVA managed to laugh this takeover attempt off this time!

But those who work for AVIVA should well remember that their company only came into being after a much smaller fish Norwich Union managed to lynch control from the much larger CGU (Commercial Union & General Accident)!

Insurance blogger did have one good day last week! The young lads in the office thought it would be funny if an old codger like me got given the latest assignment - an article on Mobile Phone Insurance! More specifically to report on how easy it is to buy Car Insurance on the Internet….On a mobile phone!!

Ha Ha! They knew I don’t even own one! Still I got the last laugh because I went on-line and managed to get the new Nokia 6700 Silver Slide – the 3G social networking one that’s been on the telly a lot recently- for FREE from Vodafone. So I’m now the envy of all the techno geeks in our office! Ha Ha!

As for buying car insurance on your mobile phone……I don’t want to spoil the report which goes out soon, but I’ll tell you this………It’s very easy when you type the numbers in and speak to someone!

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