Items Tagged with 'Triad Guaranty Inc.'

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  • 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].
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  • 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.
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  • 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.
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  • Mortgage Insurers See Applications Fall in June

    A combination of tighter underwriting guidelines and weakening borrower demand helped push the number of applications for mortgage insurance received by members of the Mortgage Insurance Companies of America, an industry trade group, to their lowest level on record in June. Insurers received just 90,896 applications during the month, less than half of year-ago totals, and roughly 17 percent below the number of applications received in May, according to a press statement.
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  • 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.
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  • Triad Heads into Runoff, as Plans to Create New Insurer Fail

    The credit crisis has claimed its first mortgage insurer. On Thursday morning, Triad Guaranty Inc. [stock TGIC][/stock] said that it had ended its negotiations with Lightyear Capital LLC to form a new mortgage insurance company, and Freddie Mac [stock FRE][/stock] informed Triad that the appeal of its subsidiary's suspension as an approved mortgage insurer had been denied. Both outcomes effectively put the company out of business; Triad said it will cease issuing commitments for mortgage insurance effective July 15.
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  • 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.
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  • 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.
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  • Triad, Lightyear in Talks to Create New Mortgage Insurer

    (Update 1: adds Fitch Ratings downgrade to junk) Triad Guaranty Inc. [stock TGIC][/stock] said Friday that it has entered into exclusive negotiations with Lightyear Capital LLC, a New York-based private equity firm, to create a new monoline mortgage insurance company. Triad CEO Mark Tonneson said on April 11 that the company would look to clone itself in the wake of a recent ratings downgrade, establishing a new mortgage insurer and putting its existing MI portfolio into run-off.
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