Blog / the collaps of AIG and its impact on the mortgage and bankin
Monday, 16 April 2012 at 18:58
Most people have no real understanding of the impact of the American Insurance Group or AIG on the mortgage market and the global banking system and how close we came to Financial Armageddon. All of a sudden the dominoes started to fall and the Federal Reserve Bank of America started to pick and choose who they would save. Lehman Brothers, the investment company posted losses of $3.9billion before they filed for Chapter 11 bankruptcy protection and then collapsed. Merrill Lynch was bought by the Bank of America for $50billion.