A mortgage insurance company in Winston-Salem, North Carolina says it is cutting 100 jobs as the housing crisis continues.
Triad Guaranty Inc. said 65 jobs will be eliminated in Winston-Salem, beginning June 30 because of the collapse of a potential partnership with an outside investor, Lightyear Capital.
The Winston-Salem Journal reported that Triad also said that it will stop writing new mortgage insurance policies July 15 and begin what’s called a runoff. That means the company’s revenue will come from existing policies that eventually will expire.
Triad president and chief executive Mark Tonnesen says he expects the company to have about 150 employees, mostly in Winston-Salem, by late summer. He says the company expects to be able to pay all legitimate policyholder claims.
Information from: Winston-Salem Journal,