Triad Guaranty, Winston-Salem, N.C., has reported a net loss of $31.8 million in the third quarter, blaming its problems on the "rapid deterioration" of the nation's housing market.A year earlier, Triad earned $19.4 million. According to the Quarterly Data Report, the publicly traded Triad is the smallest of the nation's seven mortgage insurers, in terms of both policies in force and new policies written. Company president and chief executive officer Mark K. Tonnesen said the quarter "marked an escalation of the market changes that began earlier this year. Our portfolio experienced significant pressures on the heels of the liquidity issues that affected the availability of mortgage lending." The company said one of its near-term goals will be to invest in "areas of loss mitigation." Triad can be found online at http://www.triadguaranty.com.
Triad Posts 3Q Loss
October 25, 2007, 2:00 p.m. EDT 1 Min Read
