No MGIC Here
MGIC, the largest U.S. mortgage insurer, Q4 net loss was $18.17 a share, compared with a profit of $122 million, or $1.47, a year earlier.
Claims costs, including additions to reserves, surged sevenfold to $1.35 billion. The number of delinquent loans MGIC insures rose 18% during the final three months of 2007.
Curt Culver, MGIC's CEO: "Higher loss severities and higher delinquencies had a material impact. MGIC has adequate capital to meet its claim obligations."
Claims costs, including additions to reserves, surged sevenfold to $1.35 billion. The number of delinquent loans MGIC insures rose 18% during the final three months of 2007.
Curt Culver, MGIC's CEO: "Higher loss severities and higher delinquencies had a material impact. MGIC has adequate capital to meet its claim obligations."
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