Winston-Salem Journal (NC) (06/20/08); Craver, Richard
A failed attempt to partner with Lightyear Capital LLC--coupled with rising mortgage delinquencies and foreclosures in California, Florida, Georgia, Nevada and other markets--has forced Triad Guaranty Inc. to stop writing new mortgage insurance policies and get its revenue solely from existing policies that ultimately will expire Observers expect the mortgage insurer to eventually close up shop completely, noting that only a quick recovery of the mortgage market would enable it to survive. According to Triad Guaranty President and CEO Mark Tonnensen, "I think the wind-down is at least five years, and during that time we will be looking for opportunities, but we are not optimistic that any opportunities will surface." The move will result in 100 layoffs starting June 30.
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