Four mortgage insurers will pay more than $15 million in penalties to settle claims they paid illegal kickbacks to lenders in exchange for business, the Consumer Financial Protection Bureau said today.
"Illegal kickbacks distort markets and can inflate the financial burden of homeownership for consumers," Richard Cordray, director, said. The four companies involved are Genworth Mortgage Insurance Corp, part of Genworth Financial Inc; United Guaranty Corp, which belongs to American International Group Inc; Radian Guaranty Inc, a subsidiary of Radian Group Inc; Mortgage Guaranty Insurance Corp, a MGIC Investment Corp subsidiary.
"Illegal kickbacks distort markets and can inflate the financial burden of homeownership for consumers," Richard Cordray, director, said. The four companies involved are Genworth Mortgage Insurance Corp, part of Genworth Financial Inc; United Guaranty Corp, which belongs to American International Group Inc; Radian Guaranty Inc, a subsidiary of Radian Group Inc; Mortgage Guaranty Insurance Corp, a MGIC Investment Corp subsidiary.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%