Bailout Spreading Beyond Banks
You can add Prudential, The Hartford, & MetLife to the growing list of financial (insurers) institutions requiring help from the TARP program. It seems obvious that the $700-$800B won't be adequate to squash the systemic risk to our economy caused by the housing debacle. Also in the article is a discussion of National City's failure.
Note in the article that annuities are only guaranteed up to $100K. Wow, I wonder how many senior citizens are relying on annuities? In the spring of '06, we had a maturing CD & since we're nearing retirement almost dropped $250K into an annuity...so glad we decided it wasn't a good idea. We stayed in cash.
For good news, DH told me mortgage apps have been up a bit the past week. Surprised me. Could be a fluke...too soon to know.
Here is a link that might be useful: Rescue of Insurance Companies