Moody's yesterday downgraded two mortgage insurers, American International Group's United Guaranty Mortgage Indemnity and The PMI Group's mortgage insurers, over worries about losses and their financial resources.
Moody's downgraded the insurance financial strength of United Guaranty Mortgage Indemnity Company and its subsidiary, United Guaranty Mortgage Indemnity Company, from "Aa2" to "Aa3."
It also downgraded the insurance financial strength of the group's second lien insurance company, United Guaranty Residential Insurance Company of North Carolina, and its student loan insurance company, United Guaranty Commercial Insurance Company of North Carolina, from "Aa2" to "A1."
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