AIG may wind down any parts of the mortgage insurer that can’t be sold, said one of the people, who asked not to be identified because the plans are confidential. AIG’s United Guaranty Corp. has posted more than $2.8 billion in operating losses since April of 2007.
The destruction of wealth in Greensboro during this Lesser Depression seems to me to have been out of proportion to our size and our status in the financial world. A good chunk of the losses came with the collapse of AIG, in which a lot of local folks have UGC-based stakes dating back decades. Losing UGC completely would be a nasty blow.