AIG to Get at Least $650 Million in BofA Settlement
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American International Group Inc., the largest commercial insurer in the U.S. and Canada, will get at least $650 million in a settlement with Bank of America Corp. as the second-biggest U.S. bank seeks to end liability for faulty mortgages.
The deal covers home loans on which the insurer took losses and also entitles it to a share of what Bank of America pays to investors as part of a Countrywide repurchase settlement, New York-based AIG said today in a statement.