New York-based AIG, the insurance and financial services company has named Director Harvey Golub as its non-executive chairman. Mr. Harvey Golub, 70, will replace retiring Chairman Edward M. Liddy on Monday.
Mr. Golub, who joined the AIG board in May, served the American Express Co. from 1993 to 2001 as its chairman and CEO.
In the first half of 2009, around 15 percent of the U. S. households reached the brink of losing their homes.
Soaring joblessness rate made people unable to reimburse their monthly mortgage bills.
According to an estimate by RealtyTrac Inc, foreclosure listing service, as many as 1.5 million homes were directly affected by the foreclosure crisis.
Beleaguered CIT Group Inc., which so far could neither succeed in winning FDIC's Temporary Liquidity Guarantee Program nor in obtaining supplementary aid from government, is now trying to carve out a plan to convince its customers and investors.
The CIT Group is vexed that customers may drag down its credit lines in case they lose confidence in the Group.
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