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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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
3m ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
2h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
2h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18