Greyhound Corp. is getting out of the...

Greyhound Corp. is getting out of the mortgage insurance business. It is taking an after-tax charge of $45 million in the fourth quarter of 1987 to reclassify its Verex Corp. mortgage insurance subsidiary as a discontinued operation. Greyhound said it is implementing a program to recover most of its investment in Verex and to assure continuing protection for the insurer’s policyholders. The firm, which has about $500 million in capital and reserves, suspended writing new policies Jan. 5, reduced its nationwide work force by 270 to 700 employees and trimmed office space to cut costs. But Verex continues to manage its existing insurance portfolio and settle claims. Greyhound has been trying for more than a year to sell the Madison, Wis.-based subsidiary.