UGC Buys Stake in Fraud Recovery Firm

United Guaranty Corp., a Greensboro, N.C.-based member company of American International Group, has acquired an equity position with Investors Mortgage Asset Recovery Co. LLC, a provider of mortgage fraud recovery services headquartered in Irvine, Calif.Robert Simpson will remain as president and chief executive officer of IMARC. The company provides assignment services, under which it recovers fraud losses on a contingency basis, retaining a portion of what is recovered; and "gameplan" services, under which it consults with mortgage lenders on the problems created by flipping schemes. "Every participant in the mortgage process -- the consumer, lender or servicer, insurer, and investor -- stands to benefit from recovered losses, but many cases are either too difficult or too small to handle through typical recovery methods," said Cindy Kirkley, vice president and group executive of AIG United Guaranty's Domestic Services Group. "IMARC effectively solves these problems at minimal cost to the client." IMARC can be found online at http://www.mortgagefraud.com, and UGC can be found at http://www.ugcorp.com.