Triad Guaranty Insurance Corp. has 90 days to come up with a remediation plan in order to continue providing mortgage insurance for loans purchased by Freddie Mac, after analysts downgraded the company's insurer financial strength. Fitch, which had warned of possible downgrades of the ratings of Triad and other major private mortgage insurers, took action Wednesday after Triad's parent company revealed in a regulatory filing that it had not been able to raise new capital in the face of mounting losses. In their annual report to investors, Triad Guaranty Inc. executives said net losses and loss adjustment expenses increased by $278.7 million, to $372.9 million, with paid losses up 70 percent to $100.6 million. The company's risk-to-capital ratio shot up from 12.5-to-1 a year a...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.