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,
Topics Talent North Carolina
Was this article valuable?
Here are more articles you may enjoy.
OpenAI Top Scientist Urges ‘Extreme Caution’ With Pace of AI 
Viewpoint: How Federal Ban on Intoxicating Hemp Products Will Reshape Risk, Coverage 
FBI Investigating Possible Exposure of Millions of American IDs 
AIG Executive Chair and Former CEO Zaffino Set to Exit for Palantir 
