S&P; lowered its rating on Ticor Mortgage.
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The New York-based company lowered its estimate of Los Angeles-based Ticor Mortgage Insurance’s ability to pay claims on defaulted mortgages. Standard & Poor’s knocked the rating to CCC from AA. The estimate was lowered because of recent disclosures that Ticor may lose up to $166 million on delinquent mortgages connected with Equity Programs Investment, a real estate syndication company based in Falls Church, Va. S&P; also cited the cancellation by General Electric Mortgage Insurance of its two outstanding reinsurance agreements.
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