U.S. long-term mortgage rates fell sharply this week, with the benchmark 30-year loan touching its lowest level since November 2016.
Financial markets around the globe have been whipsawed by anxiety over the U.S.-China trade war, sending investors fleeing from stocks to the safety of bonds and pushing bond interest-rates to record lows.
Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year mortgage dropped to 3.60% from 3.75% last week. A year ago the rate stood at 4.59%.
The average rate for 15-year, fixed-rate home loans tumbled to 3.05% from 3.20%.
Auto insurers move offices to Nashville
Mendota Insurance Company and Mendakota Insurance Company have relocated their corporate headquarters and are changing their state of domicile from Minnesota to Tennessee.
The insurance companies, which offer automobile insurance to harder-to-insure customers, began selling policies in Tennessee in August. In anticipation of selling policies in the Volunteer State, the companies transferred 50 existing jobs to Tennessee and leased 11,000 square feet of office space in Nashville.
“In my 45 years of insurance experience in Tennessee, it has always been a great place to do business, especially as a writer of automobile insurance,” said Steve Harrison, president of Mendota Insurance Company and Mendakota Insurance Company: “Moving the Mendota and Mendakota companies to Tennessee is a key component to our growth strategy, which includes offering our products in our new home state in August.”
During the next 12 months, an additional 15 new jobs will be created by the companies. Tennessee will be the ninth state where the insurance carriers will offer products through independent agents. The companies’ written premiums are projected to be $130 million for 2020.
Tennessee Insurance Interim Commissioner Carter Lawrence said the relocation of the auto insurers to Nashville “is a ‘win-win’ for Tennesseans.”
“Tennessee consumers will have more choices when selecting the best fit for their auto insurance coverage,” he said. “The companies’ plan to add new jobs will help bolster Tennessee’s already robust economy.”
ICE releases half of those arrested
A spokesman for U.S. Immigration and Customs Enforcement says nearly half of those arrested during the largest immigration raid in a decade in the United States have been released.
In an email Thursday, Bryan Cox said more than 300 of the 680 people arrested Wednesday have been released from custody. He says about 30 were released at the plants and about 270 others were released from the military hangar where they had been brought after the raids to be processed.
He did not say why they were let go except to say those released at the plants had been let go due to “humanitarian factors.”
He said they “were placed into proceedings before the federal immigration courts and will have their day in court at a later date.”
Officials had said Wednesday that they would release detainees who met certain conditions, such as pregnant women or those who hadn’t faced immigration proceedings previously.
Becker’s recognizes Erlanger’s CFO
J. Britton Tabor, executive vice president and chief financial officer of Erlanger Health System, has been recognized as one of “106 Hospital and Health System CFOs to Know” by Becker’s Hospital Review, a national publication for healthcare business news and analysis.
Becker’s Hospital Review showcased financial leaders from both large health systems and small community hospitals. In recognizing the local Erlanger executive, Becker’s noted that those included in this honor roll of healthcare CFO’s,” play an integral role in their organization’s strategic planning, growth and transactions; they have also been recognized by their peers and serve on the board of directors for community organizations.”
“Britt is a tremendous contributor to the financial stability of our health system,” Erlanger CEO Kevin M. Spiegel said. “His years of experience at Erlanger and financial expertise have been invaluable and he is well deserving of his recognition by Becker’s.”
Tabor, who has worked at Erlanger for more than 30 years, is a certified public accountant and Fellow in the American College of Healthcare Executives. He currently serves as co-treasurer for the Board of the Chattanooga State Community College Foundation, treasurer for the board of Techtown and is on the boards of both Chattanooga Hospice and Erlanger Western Carolina Hospital. He received his MBA for the University of Tennessee. Prior to joining Erlanger, Tabor was an auditor for Chattanooga-based accounting firm Hazlett, Lewis & Bieter, which has since joined Mauldin & Jenkins in Atlanta.