Tim Rood wrote an interesting post today on
Here’s a quick excerpt
The four largest remaining private
mortgage insurance (PMI) companies have agreed to end what the Consumer
Financial Protection Bureau (CFPB) called “illegal kickbacks” in complaints and
consent orders announced by the Bureau today.
These complaints charge that the companies along with unspecified numbers
of mortgage lenders have for years engaged in a sham reinsurance structure
devised to hide kickbacks from the PMI companies to the lenders.
The
four companies, Genworth Mortgage Insurance
Corporation, United Guaranty Corporation, Radian Guaranty Inc., and Mortgage
Guaranty Insurance Corporation (MGIC) have agreed they will not…
…(read more)
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