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Triad Guaranty Q4 net loss widens

IBR Staff Writer Published 04 March 2009

Triad Guaranty reported a net loss of $122.2 million for Q4 08 compared with a net loss of $75m for Q4 07

Triad Guaranty, a provider of private mortgage insurance coverage services, has reported a net loss of $122.2 million, or $8.16 per diluted share, for the fourth quarter ended December 31, 2008, compared with a net loss of $75 million, or $5.05 per diluted share, for the fourth quarter of 2007.

Total revenues of the company, Triad Guaranty, declined to $41.4 million for the fourth quarter of 2008 from $82.65 million for the comparable quarter in 2007.

Net loss for the year ended December 31, 2008 was $631.2 million, or $42.27 per diluted share, compared to a net loss of $77.5 million, or $5.22 per diluted share, for the year ended December 31, 2007. For the year 2008, total revenues were $270.45 million, compared to $308.79 million for 2007.

Ken Jones, president and CEO, said: As a company in run-off, our primary focus remains on the efficient and effective servicing of our insured portfolio, particularly around loss mitigation. We continue to examine and refine all aspects of our default management and claims process, including our processes for investigating misrepresentation and fraud in the mortgage origination process.