AIG Federal Savings Bank, which recently signed a supervisory agreement with the Office of Thrift Supervision, originated $15.6 billion in one- to four-family loans in 2005 while working as a mortgage conduit for two subprime lending affiliates before the OTS intervened.Home Mortgage Disclosure Act data show that AIG FSB, Wilmington, Del., originated $15.6 billion in one- to four-family loans in 2005 and $10.0 billion of the loans were classified as higher priced, which generally implies subprime loans. As previously reported, the federally chartered thrift -- along with American International Group subsidiaries American General Finance, Evansville, Ind., and Wilmington Finance, Plymouth Meeting, Pa. -- agreed to establish a $128 million rescue fund to help borrowers avoid foreclosure. The OTS contended that the AIG thrift, which has $1.2 billion in assets, failed to monitor the mortgage lending activities it outsourced to Wilmington Finance to ensure consumer protections.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11