Aug
Mortgage Insurance Giant MGIC Posts Large Loss
The silent victim in the mortgage meltdown has been mortgage insurance companies, which have been paying claims left-and-right to the banks.
MGIC Investment Corp.’s net loss of $165.2 million, was 63.67%, more than was expected for the 3rd quarter, causing shares to fall 5.7% to $2.30 late Friday.
The banks who created the mess have handed off their “losses” to both taxpayers and mortgage insurers. This is detailed in a section in my book “How to Commit Short Sale Fraud . . . and Get Away with It,” which readers can purchase from the right sidebar of this blog.
MGIC competitors PMI Group Inc. and Old Republic International Corp. have had to stop selling new coverage and PMI was placed under insurance regulator supervision.
Read the original article in the Wall Street Journal.
