国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

WORLD> America
AIG unit sues Countrywide over loan losses
(Agencies)
Updated: 2009-03-20 14:08

LOS ANGELES -- A unit of embattled insurer American International Group Inc. filed suit against mortgage lender Countrywide Financial Corp. in California federal court Thursday, alleging Countrywide misrepresented the health of loans that the company insured, resulting in massive losses.

United Guaranty Mortgage Indemnity Co. filed suit in US District Court, accusing Countrywide of breach of contract, fraud, negligence, and unfair competition and business practices.

United Guaranty alleges Countrywide "abandoned its own underwriting guidelines to boost its market share and then misrepresented the quality of its loans so that United Guaranty would provide insurance coverage for them."

Protesters gather outside the AIG building in Los Angeles March 19, 2009. A unit of embattled insurer American International Group Inc. filed suit against mortgage lender Countrywide Financial Corp. in California federal court Thursday. [Agencies] 

The AIG unit is seeking unspecified punitive damages, and wants the insurance policies on the loans and its payments on the policies to be canceled.

Charlotte, North Carolina-based Bank of America bought Countrywide in July 2008 for about $2.5 billion in an all-stock deal. Countrywide was the nation's largest mortgage lender at the time of the acquisition.

Related readings:
 Some AIG staff to pay back bonuses
 House passes bill taxing AIG and other bonuses
 AIG chairman inherits retention bonus mess
 Livid Democrats demand AIG return bailout bonuses

But like most lenders, the company was hit hard by sharply rising defaults over the past 18 months. Bank of America received billions in federal aid so it could absorb mortgage-related losses from Countrywide and its later acquisition, Merrill Lynch.

AIG, once the world's largest insurer, recently reported a 2008 fourth-quarter loss of $61.7 billion -- the biggest quarterly loss in US corporate history -- linked to subprime loan defaults and continued market turmoil.

The company, which has received over $170 million in government aid, outraged lawmakers by recently paying out $165 million in bonuses, including to traders in the Financial Products unit that nearly brought about AIG's collapse.

For its part, Countrywide is the target of multiple lawsuits linked to the subprime mortgage meltdown.

Calls and emails to AIG's attorney and Countrywide representatives seeking comment weren't immediately returned late Thursday.

六安市| 农安县| 逊克县| 屏东县| 宝兴县| 玉环县| 甘谷县| 南昌市| 沙湾县| 德州市| 游戏| 平远县| 清苑县| 贵港市| 锡林郭勒盟| 邯郸市| 文昌市| 图片| 汝阳县| 大荔县| 阳高县| 漯河市| 易门县| 固阳县| 全南县| 青神县| 沙湾县| 静海县| 建湖县| 十堰市| 蒙山县| 陕西省| 贵溪市| 成都市| 文山县| 陕西省| 杂多县| 石嘴山市| 神池县| 太原市| 左云县|