Today, the Wall Street Journal answers the next logical question: What are they lobbying for?
The insurer has been trying to roll back a new law to regulate the mortgage industry, the Journal reports. The law – which mandates a system to track mortgage brokers and make it easier to detect and prosecute fraud – was passed in July as part of an attempt to rescue the housing industry.
AIG spokesman, Nick Ashooh, told the Journal: âWeâre not the only financial-services company that has expressed concernsâ about the law.
They are, however, the only one with over $120 billion in public money.