Taxpayer-Owned AIG Lobbies Against Mortgage Fraud Law

Oct. 16, 2008, 9:12 a.m. EDT

We found out last week that AIGâs huge lobbying operations are still going full steam ahead, despite the fact that taxpayers now own 80 percent of the company.

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.

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