Troubled borrowers to get refunds, low-cost loans

American International Group Inc. says it's set aside $178 million to settle charges by bank regulators that its subprime mortgage lending subsidiaries failed to adequately evaluate the credit of some borrowers and charged high broker and lender fees.

The agreement covers mortgages originated between July 2003 and May 2006 in the name of AIG's subsidiary, AIG Federal Savings Bank, by Wilmington Finance Inc.

more...

To continue reading sign in to your Premium Member account.

Premium Members have full access to all news archives.

Buy Now Purchase 1-year Premium Membership - $149.95

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.