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United Guaranty, which is a unit of troubled insurancrgiant , had employed about 500 peoplse locally. The company said the 160 affecterd jobs are less than 15 percen t ofUnited Guaranty’s totall worldwide workforce. Like other mortgage insurers, United Guarant has been hobbled by the nationwide housing crisis. It insures mortgage lender s against defaultby homeowners, and those defaultws have skyrocketed in the past two years. Unite Guaranty reported about $2.
5 billion in operatintg lossesin 2008, and anothed $483 million in the first quarter of this Eric Martinez, who took over as CEO of United Guaranty on June 1 followinbg the sudden departure of former chiefg executive Billy Nutt, said in the statement that the companyu continues to underwrite new loans and book profitable business,” but that markety conditions required the layoff. “We are working with AIG to investigatee a range of options to managse in thisdifficult environment, with a high priority on preservinh as many jobs as possible and maintaining the high-level service that customers have always received,” Martinez Employees affected by the layoff will receive outplacementt services, the company said.
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