Meanwhile, American International Group issued a statement Feb. 12 declaring its belief that unrealized mark-to-market losses on the AIG Financial Products Corp. super-senior credit default swap portfolio are not "indicative" of losses AIGFP may realize. "Based upon its most current analyses, AIG believes that any losses AIGFP may realize over time as a result of meeting its obligations under these derivatives will not be material to AIG," AIG said. The announcement came one day after AIG made a Securities and Exchange Commission filing related to a finding by its independent auditors involving a material weakness in its internal controls (see above item).
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
51m ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
5h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
7h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
9h ago -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
9h ago -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24