Obama administration officials and lawmakers say AIG’s mortgage insurer is hampering efforts to refinance government-insured mortgages by refusing to automatically waive its right to go after lenders for loans that sour.
An analysis by the Financial Times reveals that borrowers whose loans are guaranteed by the AIG unit, United Guaranty, are less likely to benefit from the Home Affordable Refinance Program than are homeowners who have loans with the four closest competitors. Mortgage insurers MGIC, Radian, Genworth, and PMI Financial all agree to automatically waive many of their rights to challenge payouts on loans that are refinanced under HARP but then redefault.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/07/11/aig-frustrates-mortgage-refinancing-plan
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