(Reuters) – Mortgage insurer MGIC Investment Corp posted its second straight quarterly profit, after six years of losses, as a recovery in the U.S. housing market lowered the number of defaulters.
The percentage of MGIC's loans that were delinquent, excluding bulk loans, fell to 9.69 percent at Sept. 30 from 12.34 percent a year earlier.
MGIC's profit was $12.1 million, or 4 cents per share, for the third quarter ended Sept. 30, compared with a loss of $246.9 million, or $1.22 per share, a year earlier.
Mortgage insurers such as MGIC and Radian Group Inc have revived their fortunes as home prices appreciate and their main competitor, the Federal Housing Administration, cuts its exposure to the market by charging higher premiums.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
