Items Tagged with 'Triad'

ARTICLES

  • Triad Guaranty Loses $360m for Q209

    Triad Guaranty [stock TGIC][/stock], the mortgage insurer, reported a $359.4m net loss for Q209, compared to a net loss of $55.2m for Q109. Ken Jones, CEO of Triad, points to a decline in cure rates on default loans and severe settled losses that swelled Triad’s loss reserves for the second quarter, according to the report.
    Read More
  • Mortgage Insurer Losses Narrow

    Mortgage insurer Triad Guaranty [stock TGIC][/stock] lost a net $55.2m -- or $3.68 per share -- in Q109, narrowed from the $122.2m in the previous quarter. The trend might not continue in the face of a growing number of mortgage defaults, however, despite the new limit on payable claims in the insured portfolio--which helps Triad stretch capital further but hurts servicers that now will only receive back a fraction of claims filed.
    Read More
  • Mortgage Insurance Woes Grow for Fannie, Freddie

    Imagine paying full premium for an insurance contract, and receiving only 60 percent on any claim you make -- that's the unsavory situation now being faced by both Fannie Mae [stock FNM][/stock] and Freddie Mac [stock FRE][/stock], as well as a bevy of private-market lenders, on their mortgage insurance contracts with troubled mortgage insurer Triad Guaranty Inc. [stock TGIC][/stock].
    Read More
  • Losses Widen at Triad, as Paid Claims Jump

    Mortgage insurer Triad Guaranty Inc. [stock TGIC][/stock], who put its portfolio into run-off in July after ratings downgrades, said Monday evening that it lost $160.1 million during the third quarter, or $10.69 per share. The loss came amid rising delinquencies and increasing paid claims on mortgages the company had insured; net paid claims rose sharply to $59.4 million in Q3, Triad said, versus $28.5 million one year earlier.
    Read More
  • Triad Posts Q2 Loss of $198.8 Million

    Now in portfolio run-off, mortgage insurer Triad Guaranty Inc. [stock TGIC][/stock] said late Monday that it lost $198.8 million during the second quarter, or $13.36 per share, compared with net income of $12.0 million, or $.80 per share, for the year-ago quarter. During the second quarter, Triad saw its approval from both GSEs suspended as its ratings were cut, forcing it into run-off; the company stopped issuing commitments for new mortgage insurance coverage effective July 15, 2008, and laid off 45 percent of its staff, as a result.
    Read More
  • As Triad Moves into Runoff, CEO Tonnesen Leaves

    Triad Guaranty Inc. [stock TGIC][/stock] said Thursday that president and CEO Mark K. Tonnesen will retire from the company, effective August 15. William Ratliff, currently chairman of the board, will assume Tonnesen's role on an interim basis, the company said in a press statement.
    Read More
  • Triad Sees MI Approval Suspended by Freddie Mac

    Freddie Mac [stock FRE][/stock] has suspended its approval of Triad Guaranty Inc. [stock TGIC][/stock] as a private mortgage insurer, but the North Carolina-based MI provider will continue to write policies on Freddie Mac mortgage pending an appeal, the company said Thursday afternoon in an announcement.
    Read More
  • Triad Posts $150 Million Q1 Loss

    Triad Guaranty Inc. [stock TGIC][/stock] said late Monday it swung to a huge first-quarter loss of $150 million, or a $10.09/share loss, from net income of $17.3 million, or $1.16/share, last year. To say the quarterly loss missed estimates would be an understatement -- analysts had expected a loss of $2.61/share, according to Thomson Financial.
    Read More