Mortgage insurance losses mounting for MGIC

Mortgage insurer MGIC Investment Corp. posted a net loss of $165.2 million, or 82 cents per share, for the third quarter, compared with a net loss of $51.5 million, or 26 cents per share, in the same period a year ago.
The Milwaukee-based company’s losses steepened on falling revenue, lower interest rates and lower net premiums.
The nation’s largest private-mortgage insurer reported higher losses on the mortgages it insures. MGIC is the largest mortgage insurer for both Fannie Mae  and Freddie Mac.
The company’s net loss for the first nine months of 2011 was $350.6 million, compared with a net loss of $177.1 million for the same period last year.
MGIC’s total revenues for the third quarter were $337.2 million, compared with $382.3 million in same period a year ago.
Net premiums written for the quarter were $255.7 million, compared with $279.0 million for the same period last year.

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