Report: AIG May Shutter United Guaranty

Posted by Orb Staff on May 01, 2009 No Comments
Categories : Residential Mortgage

an International Group Inc. (AIG) is considering closing down its mortgage guarantor, [link= ][u]Bloomberg reports[/u][/link], citing people familiar with the matter. AIG has committed to sell business lines in order to repay bailout funds from the government. United Guaranty Corp. has posted nearly $3 billion in operating losses since April 2007, and one of Bloomberg's sources said the insurance giant may eliminate pieces of its mortgage insurer that cannot be sold. AIG spokesperson Peter Tulupman told Bloomberg that the company is in discussions with prospective buyers and that there are "a number of options" on the table, but no decisions have been made. SOURCE: Bl

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