Loan Ranger

Written by Andrew J. Hawkins on . Posted in Banking/Insurance, Government Operations, Housing, News & Features

Why Eric Schneiderman is the darling of Occupy Wall Street, and what a mortgage deal without New York means for the state Amid the arrests and the chanting, a strange thing happened at a recent Occupy Wall Street protest in Lower Manhattan: A Democratic elected official was singled out, not for ridicule or scorn but for praise. “We have Mr. Schneiderman, who is not going along with the banks but is investigating them,” said Zacary Lareche, 47, from East Flatbush… [More]

EXPERT ROUNDTABLE: Tort Reform

Written by Adam Lisberg on . Posted in Banking/Insurance, Spotlight

For all Spotlight articles, please go to: ISSUE SPOTLIGHT: Tort Reform Tearing Down The Scaffold Law Sen. Jim Seward Senate Insurance Committee Chairman Q: Are tort payouts in New York State damaging the state’s economy? JS: I’m aware of the impact of New York’s tort laws on insurance premiums, and while it’s important that injured plaintiffs are able to ensure reasonable compensation for their injury, lawsuits shouldn’t result in a windfall that everyone living in or doing business in New… [More]

ISSUE SPOTLIGHT: Tort Reform

Written by Laura Nahmias on . Posted in Banking/Insurance, Spotlight

Why New York Won’t Pass Medical Malpractice Reforms Most everybody in New York state government agrees the state’s costly tort system needs to change—but nobody seems to think it will. The reason is simple: No one agrees on what makes tort costs in New York so high, or what can be done to lower them definitively. “New York State suffers from an extreme lack of data on medical malpractice,” J. Robert Hunter, a former federal insurance commissioner, told a group… [More]

SCORECARD: TORT REFORM

Written by City & State on . Posted in Banking/Insurance, Spotlight

THE ISSUES MEDICAL MALPRACTICE New York City has become famous (or infamous) for the large judgments juries award plaintiffs in some medical malpractice trials. Hospitals and doctors claim the multimillion-dollar payouts are a major cost driver for their medical-malpractice insurance premiums, and lead doctors to order expensive tests they don’t need to avoid liability in case of lawsuits. In last year’s budget negotiations, Gov. Andrew Cuomo supported a $250,000 cap on noneconomic damages as part of his Medicaid-reform package, but… [More]

The Mayor of Wall Street

Written by Adam Lisberg on . Posted in Banking/Insurance, Government Operations

The day before Occupy Wall Street first besieged his city, Mayor Michael Bloomberg predicted the sagging economy could provoke riots in the streets. “That’s what happened in Cairo. That’s what happened in Madrid,” he said on a September Friday. “You don’t want those kinds of riots here.” It sounded like a metaphor, but the mayor may well have been speaking literally. Sources who know his thinking say Bloomberg was shaken by the August riots in London, a city he loves… [More]

Occupied Or Not, Wall Street Is Sagging

Written by City & State on . Posted in Banking/Insurance

The banks may have been bailed out – as Occupy Wall Street protesters are fond of chanting – but they are projected to earn lower profits, lose more jobs and dole out fewer sky-high bonuses for the remaining months of 2011, State Comptroller Tom DiNapoli says in a report out today. A less-profitable Wall Street could mean trouble for the city and state’s fragile economies, which rely disproportionately on strong revenue from the financial sector. Tax collections from Wall Street… [More]

Health Insurance Exchanges Stall In State Senate

Written by Laura Nahmias on . Posted in Banking/Insurance, Health Care

Republican state senators say they are unlikely to approve a health insurance exchange this year after federal health officials at a recent Manhattan conference couldn’t answer basic questions about the program – like how much it will cost New York. The delay gives the exchange – designed to give small business owners and individuals a marketplace to buy affordable health insurance – another hurdle to clear before the Jan. 1, 2014 deadline established by President Barack Obama’s health care reform… [More]

Bloomberg May Use City Influence To Pressure Banks

Written by Adam Lisberg on . Posted in Banking/Insurance, Government Operations, Housing, Other News

Mayor Michael Bloomberg’s administration is considering backing a City Council plan to use an obscure city commission as a pressure point to force banks with city business to do more for the neighborhoods they serve. The mayor’s office is in talks with City Council Speaker Christine Quinn’s staff about whether to support the Responsible Banking Act, which would require banks that hold city funds to disclose the loans and investments they make in their communities. “We are working with the… [More]

Federal Budget Cuts Could Compromise City's Affordable Housing Plan

Written by City & State on . Posted in Banking/Insurance, Housing, Other News

New York City’s ambitious goal of building or preserving 165,000 affordable housing units is still on track, but the city official overseeing the effort warned that his agency could be compromised if Congress continues to slash spending. Federal dollars provide about a third of the capital resources and the vast majority of the operating budget for the city’s Department of Housing and Preservation Development, said Commissioner Mathew Wambua. Cuts in federal spending have reduced the number of employees by 300… [More]

Foreclosure Fight Looms At Banking Commission

Written by City & State on . Posted in Banking/Insurance, Government Operations, Housing, Other News

The forces of city Comptroller John Liu and Mayor Michael Bloomberg will battle in front of an obscure city commission today, when Liu’s office tries to force banks with city business to do more for New Yorkers facing foreclosure. The Banking Commission, which has one vote from Liu’s office and two from Bloomberg’s, is scheduled to take the usually-routine action of approving three dozen banks to handle money for New York City’s accounts. Deputy Comptroller Alan van Capelle, however, says… [More]