Category Archives: AIG

A.I.G. (United Guaranty) v. Countrywide Complaint Now Available

The complaint filed in federal court in Los Angeles by United Guaranty Mortgage Indemnity Co., the mortgage insurer subsidiary of A.I.G., against Countrywide Financial Corp., Countrywide Home Loans, Inc. and the Bank of New York Trust Company is posted below. … Continue reading

Posted in AIG, allocation of loss, BofA, causes of the crisis, Complaints, Countrywide, lawsuits, litigation, loan modifications, loss causation, misrespresentation, mortgage fraud, United Guaranty | Leave a comment

A.I.G. and Countrywide Go Head-to-Head Over Mortgage Insurance Coverage

The battle of the titans has begun. As reported by Reuters on Friday, both A.I.G. and Countrywide have now sued one another over who will bear the losses on a $1 billion pool of subprime mortgage loans. Countrywide fired the … Continue reading

Posted in AIG, allocation of loss, causes of the crisis, Countrywide, lawsuits, lenders, litigation, loss causation, misrespresentation, mortgage insurers, underwriting practices, United Guaranty | 1 Comment

New Class Action Targets Former AIG CEO Cassano

Courthouse News Service reports that a new shareholders derivative complaint has been filed in the Chancery Court in Delaware against former American International Group Financial Products (AIG-FG) CEO and president Joseph Cassano for allegedly driving AIG to ruin by losing … Continue reading

Posted in AIG, causes of the crisis, class actions, derivative lawsuits, incentives, litigation, loss causation, public perceptions, shareholder lawsuits, subprime | Leave a comment

Desperate to Stem Tide of the Credit Crisis, Fed and Treasury Propose What Could Be Largest Bailout in U.S. History. How Far Will the Fed Go?

In another desperate move to inject liquidity into the marketplace, the heads of the Fed and the Treasury began discussions with Congress late yesterday on legislation that would allow the Government to purchase hundreds of billions of dollars of depressed … Continue reading

Posted in acquisitions, AIG, bailout, Bear Stearns, BofA, class actions, Fannie Mae, Federal Reserve, Freddie Mac, Government bailout, JPMorgan, jurisdiction, Merrill Lynch, shareholder lawsuits, TARP, Treasury | Leave a comment