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AIG Insuring Itself from Itself?

April 3rd, 2012 Comments off

04.03.2012

AIG Insuring Itself from Itself?

original article written by Net Advisor

AIG announced that they looking to get back into the mortgage business by purchasing mortgages they already insure? (Source: Financial Times PDF.)

So effectively, if one defaults on the mortgage, AIG insurance division will pay AIG mortgage division for the loss? Doesn’t this mean AIG still has a loss? Did we tell you the government still owns the majority of AIG? (Source: NY Times PDF)

Watch the Business media laugh about this odd business decision.
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Air date: 04.02.2012

AIG was the costliest bailout ever at $182 Billion, if you don’t count the potential $5 Trillion risk for Fannie Mae and Freddie Mac (Source: CNN).
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video credit, courtesy CNBC

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Categories: AIG