Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

AIG Mortgage Unit Should Help With Refinances, U.S. Senators Say

American International Group Inc.’s mortgage-insurance unit should remove policies that can prevent homeowners from refinancing mortgages, three U.S. senators wrote in a letter today.

United Guaranty Corp. is the only mortgage insurer that hasn’t removed barriers to refinancing, senators Barbara Boxer of California, Robert Menendez of New Jersey and Herb Kohl of Wisconsin, all Democrats, wrote in the letter addressed to Chief Executive Officer Kim Garland.

The unit of the bailed-out insurer is unwilling to offer the same protections on defective loans that competitors are granting to aid the Home Affordable Refinance Program, Bloomberg News reported in November. President Barack Obama has said expanding HARP will make cheaper credit available to more homeowners with mortgage rates near record lows.

“United Guaranty’s policies are harmful both to your customers and to the taxpayers,” the senators wrote in the letter. “This is particularly troubling given that United Guaranty is a subsidiary of American International Group, which itself has benefited from taxpayer assistance.”

United Guaranty has participated in HARP since 2009 and refinanced more than $5.3 billion worth of loans, the firm said in an e-mailed statement.

“United Guaranty’s review of new servicer loans in no way interferes with borrowers’ ability to take advantage of HARP or other loan-modification programs that help families retain their homes,” according to the statement.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.