Items Tagged with 'Triad Guaranty Insurance Corp.'

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  • Mortgage Insurers See Borrower Defaults Jump

    Mortgage insurers saw defaults on mortgages they insure soar in September, as the number of applications received by insurers tanked. The data is the latest to show that the nation's housing mess has yet to correct itself. According to the Mortgage Insurance Companies of America, a trade organization, 76,776 primary insurance defaults were recorded among member companies in September, up from 72,818 one month earlier and well above the 54,699 recorded in Sept. 2007.
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  • Triad Sees Q4 Income Drop 35 Percent; Losses More than Double

    Triad Guaranty Inc. said late Wednesday that net income at the guarantor and mortgage insurance specialist dropped 35 percent during the fourth quarter, reporting net income of $8.1 million for the quarter versus $12.6 million in the fourth quarter of 2005. In spite of lagging fourth quarter performance, Triad reported annual net income for 2006 of $65.6 million, compared with $56.8 million for 2005. "Despite many positive developments in the fourth quarter, our earnings are disappointing," said Mark Tonnesen, president and CEO. "While the increase in defaults and the number of paid claims was virtually on target, our average cost per paid claim increased significantly. The fundamental cause of the higher loss per claim was the impact of the slowing housing market on our claims mitigation efforts."
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