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January 25, 2008
MGIC projects larger 2008 losses
Mortgage insurance provider MGIC Investment Corp. said that it expects its 2008 losses to be larger than previously expected because of a growing number of delinquent loans leading to claims.
As a result, it expects incurred losses for the fourth quarter of 2007 of about $1.3 billion, compared with $187.3 million a year ago.
MGIC said its delinquent loan inventory at the end of 2007 was up about 16,000 loans to 107,120. The percentage of those loans resulting in claims is rising, along with the average claim size. Its insurance in force at the end of 2007 was $211.7 billion, compared with $176.5 billion at the end of 2006.
Posted by S. Germain at January 25, 2008 08:07 AM