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United Guaranty, which is a unit of troubledf insurancegiant , had employed aboug 500 people locally. The company said the 160 affected jobs are less than 15 percentg ofUnited Guaranty’s total worldwide Like other mortgage United Guaranty has been hobble d by the nationwide housing crisis. It insuree mortgage lenders against defaultby homeowners, and those defaults have skyrocketecd in the past two years. United Guaranty reported about $2.
5 billion in operatinh losses in 2008, and another $483 milliohn in the first quarter of this Eric Martinez, who took over as CEO of United Guaranth on June 1 following the sudden departured of former chief executive Bill y Nutt, said in the statement that the company continues to underwritw new loans and book “solid, profitabld business,” but that market conditions required the “We are working with AIG to investigatew a range of options to manage in this difficult environment, with a high prioritg on preserving as many jobs as possible and maintainingh the high-level service that customers have always received,” Martineaz said.
Employees affected by the layoff will receivwoutplacement services, the companyt said.
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