MICA Elects UGC Chief as New Prez

The Mortgage Insurance Companies of America has elected the head of United Guaranty Corp., Greensboro, N.C., as its new president and chief executive officer.

UGC chief William V. Nutt Jr. will serve a two-year term at MICA, a trade group that represents the nation's seven mortgage insurance companies.

He succeeds Curt S. Culver, president and chief executive officer of Mortgage Guaranty Insurance Corp.

Mr. Nutt is a 25-year veteran of UGC, a subsidiary of American International Group, New York.

In a statement, Mr. Nutt said, "These are challenging times for the nation's housing finance industry and mortgage insurers will do their part to help lower-income families and first-time homebuyers purchase homes sooner and with less money down."

The mortgage insurance industry has been relatively healthy the past two years, though in recent quarters residential delinquencies have begun to hurt earnings.

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