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"We view this as a prudent approach taken by the government to support the long-term health and sustainability of the Canadian housing market," said Andy Charles, president of AIG United Guaranty Canada. "We support this direction and will amend our product line-up to reflect the new policy set out by the Department of Finance, commencing October 15, 2008, for all government guarantee mortgage insured loans."
AIG United Guaranty Canada has established a strong presence in the Canadian mortgage market since beginning operations in November 2006. With a customer base of more than 30 lending partners, the company will continue to work with its partners and mortgage professionals to develop solutions for the Canadian housing market.
About AIG United Guaranty
United Guaranty Corporation (AIG United Guaranty) and its subsidiaries are member companies of American International Group, Inc. (AIG). The company has been headquartered in Greensboro, North Carolina, since it was established in 1963. Subsidiaries of AIG United Guaranty provide mortgage guaranty insurance for first and second mortgages that protects against mortgage credit losses. With offices and operations in 18 countries, the company is a global leader in the area of mortgage insurance. In addition, AIG United Guaranty's comprehensive range of financial products and services to lenders and investors includes private education loan default insurance and pre-purchase counseling.
About AIG
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
SOURCE: AIG United Guaranty Canada
Brian Bell, (416) 640-8933
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