Four mortgage insurers agreed to pay about $15 million to settle claims they paid kickbacks to mortgage lenders in exchange for business, the U.S. consumer watchdog says.
The Consumer Financial Protection Bureau (CFPB) says the deals took place over more than a decade leading up to the U.S. financial crisis and may have boosted mortgage insurance costs for consumers.
Genworth Financial unit Mortgage Insurance Corp., American International Group Inc.'s United Guaranty Corp., Radian Group Inc's Radian Guaranty Inc. and MGIC Investment Corp.'s Mortgage Guaranty Insurance Corp. neither admitted nor denied the regulator's findings, according to the settlement orders.
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