CFPB Shines Harsh Spotlight On Shady Reinsurance Deals

Law360, New York (April 5, 2013, 7:21 PM EDT) -- The Consumer Financial Protection Bureau recently fined four mortgage insurers $15 million over kickbacks paid to lenders, bringing the federal government further into the world of insurance regulation and likely inspiring state officials to ratchet up their own oversight of reinsurance deals, attorneys say.

The settlements resolve CFPB's claims that Genworth Mortgage Insurance Corp., United Guaranty Corp., Radian Guaranty Inc. and Mortgage Guaranty Insurance Corp. funneled millions of dollars in kickbacks to lenders that referred business to them. The CFPB says the mortgage insurers were paying...
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