Daily Truth Pills

Hosea 4:6 My people are destroyed for lack of knowledge…

The next big financial meltdown?

Posted by truthpills on 2009/02/27

The mortgage and credit sickness that brought banks and brokers to their knees has now infected the companies that insure our lives and protect our families.

By Michael Brush
MSN Money

The life insurance companies that millions of Americans entrust to help protect their families or pay the bills in their golden years are caught in a downward spiral eerily similar to the one that has brought down banks and brokers.

Like Bear Stearns and Lehman Bros. (LEHMQ, news, msgs), life insurers Hartford Financial Services (HIG, news, msgs), Principal Financial Group (PFG, news, msgs), Lincoln National (LNC, news, msgs) and many others all have significant exposure to mortgage-backed securities and other risky debt instruments.

They’re reporting huge losses that — if they continued — could trigger a meltdown.

Read the full article

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