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User Info	Safe Banks; entered at 2007-12-01 18:26:01
Euphoria96 Posts: 1396 Registered: 2007-09-19	USSA USSA just had a conference call 17 Nov. There's no subprime exposure anywhere (MM, mutual funds, ect..) and the bank continues to do well. USSA does have some concerns, they are seeing rising credit card default (but still well below industry average) and there are concerns in doing insurance business in Florida and Mississippi. Florida is not allowing USAA to raise their insurance rates to properly account for risk. So USSA is loosing money in Florida. In MS, from Katrina, USAA has had to pick up the bill for water damage done to houses. Well, the Federal gov takes care of water damage, or they were supposed to. So again, USAA is losing money in this state and the state isn't allowing increases in insurances premiums. USSA is thus cutting back business in Flordia, and only insuring primary residences, the rental/investment properties are damned unless the state removes the rate limitations. 2007-12-01 18:26:01