United Guaranty Corp., the Greensboro, N.C.-based mortgage insurance subsidiary of American International Group, posted a third quarter pre-tax loss of $124 million.
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This is an improvement over the pre-tax loss of $461 million for the same period in 2009. AIG provided the information in its third quarter earnings press release.
AIG said UGC is seeing lower levels of newly reported delinquencies in its first lien and international products, as well as higher cure rates on its delinquent loans, higher rescission rates on first lien claims and the recognition of stop loss limits on certain second lien policies.
For the quarter, AIG lost $2.4 billion, compared with net income of $455 million one year prior.
