California Real Estate Fraud Report

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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.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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