Financial Guaranty Insurance Co. failed to implement a plan to put its house in order by the March 25 regulatory deadline, but instead of liquidating the company, the New York Insurance Department extended the deadline to June 15.

The regulator told FGIC in November that it had until Jan. 5 to submit a detailed “restoration” plan and until March 25 to implement it. Otherwise, the NYID would seek its “rehabilitation or liquidation.”

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