MGIC narrows losses; Wells Fargo contributes $5 million for housing efforts in 34 cities, including Milwaukee
MGIC narrows losses
Milwaukee-based MGIC Investment Corp. reported a third quarter net loss of $51.5 million, 26 cents per share, which was an improvement over a net loss of $517.8 million, or $4.17 per share, in the same period a year ago.
The company’s total quarterly revenues were $382.3 million, down from $413.3 million a year earlier. Net premiums written for the quarter were $279.0 million, compared with $278.3 million for the same period last year.
Wells Fargo contributes $5 million for housing efforts in 34 cities, including Milwaukee
The Wells Fargo’s Housing Foundation has announced grants totaling $5 million to nonprofit housing organizations in 34 cities, including Milwaukee.
The grants are part of Well Fargo’s effort to increase the availability of affordable housing.
“We are committed to helping communities grow and thrive,” said Jon R. Campbell, head of Wells Fargo’s Social Responsibility Group. “Priority Markets grants help cities and nonprofit partners complete building and renovation projects in distressed areas so they can stabilize those neighborhoods, as well as stimulate long-term economic growth. The time and talents of our team members who will volunteer to help with these projects will extend our investment in these communities even further.”
Earlier this year, Wells Fargo donated an additional $8 million to Habitat for Humanity International for its Neighborhood Revitalization Initiative to construct, repair and rehabilitate affordable housing for low-income families in markets hit hard by foreclosures. Wells Fargo is one of the largest corporate sources of volunteers for Habitat projects. Many of the Habitat projects, as well as those funded with Priority Markets grants, include “green” and energy-efficient upgrades, providing further cost savings to homeowners.
The Wells Fargo Priority Markets grants will go to organizations in Phoenix; Washington, D.C.; Atlanta; Des Moines; Boise; Kansas City and St. Louis, Mo.; Charlotte; Greensboro; Omaha; Camden and Newark, N.J.; Las Vegas; Cleveland; Portland; Memphis; Tacoma; and Milwaukee, as well as four cities in Florida (Fort Lauderdale, Miami, Palm Beach, and Tampa), three cities in Texas (Dallas, El Paso, and Fort Worth) and nine in California (East Palo Alto, Fresno, Los Angeles, Modesto, Riverside-San Bernardino, Sacramento, San Diego, San Jose, and Stockton).
Grant recipients were selected in a competitive process from requests submitted by local Wells Fargo teams and their nonprofit or local government partners in markets needing special assistance with large-scale neighborhood development projects.
“From the beginning of the housing crisis, we have joined with numerous communities and organizations to help preserve and advance homeownership, assist struggling homeowners, and help stabilize communities hard hit by foreclosures,” said Cara Heiden, co-president of Wells Fargo Home Mortgage. “From January 2009 through August 2010, Wells Fargo has helped more than 2.3 million households with mortgage payment relief through its refinancing and modification programs.”
