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Thursday, June 19, 2008

It's Not A Real RE Bust . . .

by Tanta on 6/19/2008 09:40:00 AM

. . . until a mortgage insurer goes down.

It's official:

WINSTON-SALEM, N.C., June 19, 2008 /PRNewswire-FirstCall via COMTEX/ -- Triad Guaranty Inc. announced today that it has ended its negotiations with Lightyear Capital LLC to form a new mortgage insurance company. Triad also reported today that Freddie Mac informed Triad that the appeal of its subsidiary's suspension as an approved mortgage insurer has been denied. As a result of these developments, Triad's subsidiary, Triad Guaranty Insurance Corporation, will cease issuing commitments for mortgage insurance effective July 15, 2008 and will work with its customers, the Illinois Division of Insurance and each of the GSEs to assure an orderly transition of its business to run-off.