An investor group rejected an EPIC bail-out plan.
The announcement came from the Federal National Mortgage Assn. Last week, Fannie Mae organized a coalition of eight of the top 25 investors in Equity Programs Investment Corp., the troubled Virginia-based real estate company that two weeks ago filed for protection from creditors. Los Angeles-based Ticor Mortgage Insurance, facing a $166-million loss on mortgages and mortgage-backed securities that it insured for EPIC, unveiled the bail-out proposal Friday.
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