MGIC writes $1.3 billion in new business, decreases delinquency level
Mortgage Guaranty Insurance Corp. wrote $1.3 billion in new business in August and decreased the number of delinquent loans in its pool of insured mortgages to 183,338. The mortgage insurance arm of MGIC Investment Corp. (MTG) began the month of August with 185,093 delinquent loans and 14,587 new notices were filed on delinquent loans insured by the company last month. The Milwaukee-based firm said 11,719 delinquent loans cured in August with 4,047 less paids and 576 denials and rescissions. Mortgage insurers, including MGIC, experienced a rough month with stock prices falling rapidly in the early part of August. In the past two weeks, MGIC's stock value experienced a 20% bounce in one day after the firm's top executives loaded up on shares of stock. Still, MGIC is down nearly 80% on the year. Write to: Kerri Panchuk.