MGIC writing fewer premiums, posting higher losses

Mortgage insurer sees increase in Alt-A, subprime delinquencies

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Losses are up and profits down at the nation’s largest private mortgage insurer, Mortgage Guaranty Insurance Corp.

MGIC — which insures 1.3 million mortgages valued at $176.5 billion — said today that fourth-quarter earnings were down largely because the slowdown in the housing market cut into the generation of new premiums.