PLYMOUTH MEETING, Pa.--(Business Wire)--
Wilmington Finance, Inc. (WFI) announced today that it will cease
wholesale mortgage banking originations effective June 17, 2008. WFI
will honor the existing loan commitments in its mortgage banking
pipeline and will maintain a reduced retail operation. WFI, a
wholly-owned subsidiary of American General Finance, Inc., has been
engaged in the business of originating non-conforming residential real
estate loans directly ("retail") and through mortgage brokers
("wholesale") and selling those loans to third party investors.
By year-end 2008, approximately 335 positions will be eliminated
and WFI will provide outplacement assistance to affected employees.
American General Finance, Inc. and its subsidiaries are engaged in
the consumer finance and credit insurance business. The company,
headquartered in Evansville, Indiana, has assets of $29 billion and
operates over 1,600 offices in 45 states, the United Kingdom, Puerto
Rico and the U.S. Virgin Islands. Products and services are provided
to more than 2 million families. The company offers direct consumer
and home equity loans, retail sales financing, and other
credit-related products. American General Finance, Inc. is a
subsidiary of American International Group, Inc. (AIG).
American International Group, Inc. (AIG), a world leader in
insurance and financial services, is the leading international
insurance organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional and
individual customers through the most extensive worldwide
property-casualty and life insurance networks of any insurer. In
addition, AIG companies are leading providers of retirement services,
financial services and asset management around the world. AIG's common
stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.
AIG
Joe Norton, 212-770-3144
Director of Public Relations
Copyright Business Wire 2008
