Subsidiary to Serve for Mgic Risky Holdings Necessitate Another Insurance Vendor
The Milwaukee Journal Sentinel › July 17, 2009
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Summary
MGIC Investment Corp. hopes to accelerate the writing of mortgage insurance beginning next year through a subsidiary that it plans to inject with as much as $1 billion in capital.
Getting new business is crucial for the future of the nation's largest mortgage insurer, which on Thursday reported its eighth straight unprofitable quarter. The insurer posted a $339.8 million second-quarter loss as the worst housing decline since the Great Depression caused more mortgage defaults.See the full content of this document
Extract
Subsidiary to Serve for Mgic Risky Holdings Necessitate Another Insurance Vendor
MGIC reported a second-quarter loss of $2.74 a share, compared with a loss of $99.9 million, or 81 cents a share, for the same quarter a year ago.
Fitch Ratings downgraded MGIC's financial stre...See the full content of this document
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