(Bloomberg) -- American International Group, the largest commercial insurer in the U.S. and Canada, will get at least $650 million in a settlement with Bank of America as the second-biggest U.S. bank seeks to end liability for faulty mortgages.
The deal covers home loans on which the insurer took losses and also entitles it to a share of what Bank of America pays to investors as part of a Countrywide repurchase settlement, New York-based AIG said today in a statement.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access