2010-03-04prnewswire.com

"Two subsidiaries of American International Group Inc. have agreed to pay a minimum of $6.1 million to resolve allegations that they engaged in a pattern or practice of discrimination against African American borrowers, representatives of President Obama's Financial Fraud Enforcement Task Force (FFETF) announced today.

The settlement was filed today in conjunction with a complaint made by the Justice Department in U.S. District Court in Delaware. Brought under the federal Fair Housing and Equal Credit Opportunity Acts, the complaint alleges African American borrowers nationwide were charged higher fees on wholesale loans made by AIG Federal Savings Bank (FSB) and Wilmington Finance Inc. (WFI), an affiliated mortgage lending company."



Comments:

tvsterling at 09:39 2010-03-05 said:
OK, so they paid 6 million, what the heck 12 million eventually. The question is HOW MUCH PROFIT DID THEY MAKE? That's anyone's guess but I will bet that it's at least 10x what the fines are. Until prison time starts being served all it is to these Banksters is another cost of doing business. Just like the old time Mafia it won't stop until the perps personal freedom is REALLY at stake. I don't see that happening. It is really easy to sweep property crimes under the rug. The justice system is focused on violent crime. Even when the monetary theft is on the kind of scale as this, the lawyers can always count on the fact that no blood was shed. Permalink

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