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Fiserv to Pay Departing Exec $2.26M
Posted on April 5th, 2010 No commentsFiserv Inc. will pay departing vice chairman Peter Kight $2.26 million in exchange for a two-year no-compete and non-solicitation agreement, according to the Business Journal of Milwaukee.
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Regulator Tries to Stabilize Bond Insurer Ambac
Posted on March 25th, 2010 No commentsWisconsin insurance commissioner Sean Dilweg has taken control of $35 billion worth of shaky mortgage-related and other liabilities from Ambac Assurance Corp., a move intended to help stabilize the struggling bond insurer. Ambac was founded and incorporated 40 years ago as an offspring of what is now Milwaukee-based MGIC Investment Corp., the Milwaukee Journal Sentinel reported.
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Mortgage Co. Owner Files for Bankruptcy
Posted on March 17th, 2010 No commentsFormer state revenue official and mortgage lending company owner John Torgerson of Eau Claire has filed for bankruptcy. Court records show Torgerson owes more than 100 creditors about $9.5 million. Torgerson founded Preferred Mortgage in 1979, which bills itself as a “premier low rate mortgage source,” according to WXOW-TV in La Crosse.
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Northwestern Mutual Pays 2nd Highest Dividend
Posted on January 28th, 2010 No commentsNorthwestern Mutual Life Insurance Co. said it will pay $4.7 billion in dividends to policy owners this year, even as the company’s net income fell 33.5 percent to $321 million from $483 million in 2008. The company said 2,340 new full-time financial representatives joined its network in 2009, up 12 percent from 2008. Read more in the Milwaukee Journal Sentinel.
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Mortgage Insurer Posts 10th Quarterly Loss
Posted on January 26th, 2010 No commentsAlthough Milwaukee-based mortgage insurer MGIC Investment Corp. posted its 10th consecutive quarterly loss, the mortgage insurer’s stock price rose almost 10 percent the same day, according to the Milwaukee Journal Sentinel.
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Metavante Merger with Fidelity Finalized
Posted on October 1st, 2009 No commentsMetavante Technologies Inc., at least in name, is no more. After completing its $4.4 billion merger with Fidelity National Information Services Inc., in Jacksonville, Fla., the new company named FIS will continue to provide data processing, bill payment and other technology for the financial services industry. Read more in the Milwaukee Journal Sentinel.
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Fiserv Sells Loan Fulfillment Subsidiary
Posted on September 28th, 2009 No commentsFiserv Inc., the Brookfield provider of provider of bank data processing and electronic bill payment service, has agreed to sell its Loan Fulfillment Solutions business to ISGN Solutions Inc., a subsidiary of ISGN Corp. of Bensalem, Pa., according to the Milwaukee Journal Sentinel.
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S&P Drops Metavante from Index
Posted on September 28th, 2009 No commentsAs Metavante Technologies Inc. prepares for the scheduled Oct. 1 closing of its sale to Fidelity National Information Services Inc., Standard & Poors Index Services has announced that it will drop Metavante from the S&P Midcap 400 Index, according to the Business Journal of Milwaukee.
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Restitution Slow in Coming in Strong Case
Posted on September 18th, 2009 No commentsHundreds of thousands of individual and institutional investors in Strong Capital Managements mutual funds could begin receiving an estimated $154 million in settlement funds, but the distribution process could take another two years or more, the Business Journal of Milwaukee reported.
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MGIC Defers Interest Payments on Debt
Posted on September 14th, 2009 No commentsMilwaukees MGIC, the nations biggest mortgage insurance company, said it is deferring interest payments on some debt until 2019, the Milwaukee Journal Sentinel reported.