MGIC hopes it has hit bottom of real estate market; Wealth management firm offers free services for the unemployed
MGIC hopes it has hit bottom of real estate market
Milwaukee-based MGIC Investment Corp. has reported a third quarter net loss of $517.8 million, or $4.17 per share, which was worse than a net loss of $115.4 million, or 93 cents per share, for the same period a year ago.
Curt Culver, chairman and chief executive officer of MGIC and Mortgage Guaranty Insurance Corp., said the weak economy, higher unemployment and lower home prices continue to keep cure rates low, which resulted in an increase in the delinquent inventory and consequently higher losses incurred for the quarter.
Culver said that while there has been minimal financial benefit to date, for the first time the company is seeing signs that the various loan modification programs of the U.S. Treasury Department and the private sector that are designed to help responsible homeowners avoid foreclosure are being implemented.
Culver reported that Fannie Mae has approved MGIC Indemnity Corp. as an approved mortgage insurer in selected jurisdictions. MGIC is working closely with Freddie Mac and hopes to have its approval soon, Culver said. Once Freddie Mac’s approval is finalized, Culver said he is optimistic that the Office of the Commissioner of Insurance for the State of Wisconsin will issue a decision allowing the reactivation of MIC in the very near future.
MGIC’s total revenues for the third quarter were $413.3 million, down from $461.6 million in the same period a year ago.
Wealth management firm offers free services for the unemployed
Waukesha-based Investors Advisory Group (IAG), an independent full-service financial planning and wealth management firm, is offering complimentary financial planning services to assist local greater Milwaukee area residents who are unemployed to help them better manage a challenging period in their lives.
As part of the new initiative, IAG has mobilized a team of experienced professionals to assess each individual’s unemployment situation, suggest strategies for conserving their financial resources and help them avoid costly mistakes that could harm their personal finances and their ability to find a good job.
The free services include developing a strategy to handle severance packages and stock options, planning for insurance needs, protecting their retirement funds, debt management and consolidation, and managing the equity in their home.
Founded in 1985 and with $180 million in assets under management, IAG provides financial planning and investment management services to individuals, families and small businesses throughout the region.
Lori Watt, president and founder of IAG, said, "Since our firm’s establishment almost 25 years ago, we have had one focus: Helping individuals and family business owners achieve their life goals. Recent statistics indicate that unemployment in the Milwaukee area has increased from just a little over 5 percent as of June 30, 2008, to nearly 10 percent as of June 30 this year. We have seen firsthand, and on a very personal level, the effects of nationwide cost-cutting and layoffs on the communities we serve. We are committed to utilizing our firm’s resources to help area families who are facing challenging issues, and do our part in preserving the economic health and resilience of the communities we serve."
For additional information about the free services, call (262) 446-8150.
