MGIC posts $372 million Q3 loss 

Mortgage insurer MGIC Investment Corp. today reported a $372.5 million third-quarter loss, and said it does not expect to make a profit next year as it pays out up to $1.5 billion in claims.

MGIC said losses for the quarter were driven in part by one-time charges, including a $303 million after-tax write-down of the value of the company's investment in a subsidiary, C-BASS, that invested in subprime mortgages.

more...

To view this premium content sign in to your Premium Member account.

Premium Members have full access to all news archives & premium content.

Purchase Professional Membership for $199/year OR
Premium+ Membership for $149/year OR
News Membership for $69/year

Buy Now

Advertise with Inman

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.