NU Online News Service, Aug. 12, 12:45 p.m. EDT
The future of Financial Guaranty Insurance Co. is in grave doubt after the company reported a second quarter net loss of $16 million as its exposure to the securitization of collateralized debt obligations takes a toll.
In a filing on its website with the New York State Insurance Department, the New York-based guarantee insurer said that in its current precarious financial condition, "management has concluded that there is substantial doubt about the ability of the company to continue as a going concern."
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