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Insurance Liabilities Could Be Next Big Thing for Investors

William Dove started thinking about the benefits of a market for insurance risk back in 2005, when he headed structured products in the U.S. for Swiss insurance giant ACE. Zurich-based ACE had built a new credit-default-swap business, underwriting credit protection so it could better hedge its insurance risk and create more-predictable revenue. But Dove convinced his bosses to put the CDS business on hold and start liquidating the insurer’s $100 million portfolio.

Pricing of these swaps made no sense, argued Dove, who had been in the insurance business for 17 years at the time, starting as an actuary at Bloomfield, Connecticut–based Cigna after he earned a mathematics degree from Haverford College near Philadelphia. The 2008–’09 financial crisis would prove him right.

Although Dove finished selling the swaps three months before Bear Stearns Cos.’ hedge funds blew up in March 2007, earning ACE a substantial profit, it was clear to him that insurers needed a different way to manage risks and solve the problem of so-called trapped capital. That’s when insurers get stuck with liabilities on their balance sheets, a situation that poses dangerous uncertainty and freezes funds that might otherwise be used to expand and take on fresh business.

Thoughts on FDR & Sanders | Stoolmacher

, A monthly newspaper for political memorabilia collectors.

In an article entitled "The Dems in Philly – 80 Years Ago" the author, John Varga, wrote "that in that speech FDR set out a full response to Republican  claims that the New Deal was a horrible mistaken deviation from American principles, and that it had to be repealed in its entirety.  Probably the speech is best known for FDR's prescient claim that Americans of that time had a "rendezvous with destiny."  In a world that was increasingly turning to totalitarianism as a remedy for economic stagnation and disorder, that destiny was to serve as advocates for and vindicators of democracy, both at home and, by force of example, around the world." 

FDR spoke eloquently of the need for freedom from both political and economic tyranny and of making our government the "embodiment of human charity."  The speech was a direct response to Republican's claims that the "New Deal" with its broad array of new programs and regulations was an enormous economic and social overreach and a departure from America's free enterprise and rugged individualism tradition. 

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