MGIC tightening underwriting standards in 30 markets
Private mortgage insurer facing $2 billion in claims in 2008
By Inman News, Friday, February 8, 2008.Thousands of borrowers in 22 states will no longer be able to obtain private mortgage insurance from MGIC Investment Corp. after March 3, when the company raises its minimum standards in 30 restricted markets.
The latest changes to MGIC's underwriting standards follow warnings from company executives that they expect a $1.3 billion fourth-quarter loss on Feb. 13, and that MGIC will stay in the red in 2008 as it pays out up to $2 billion in claims (see Inman News story).
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