Mortgage insurer MGIC InvestmentCorp posted its first quarterly profit in three years as fewer people defaulted on their home loans, sending its shares up as much as 16 percent in premarket trading.
Mortgage insurer MGIC InvestmentCorp posted its first quarterly profit in three years as fewer people defaulted on their home loans, sending its shares up as much as 16 percent in premarket trading.
Triad Guaranty Inc filed for Chapter 11 bankruptcy protection on Monday, court documents showed, after the U.S. mortgage insurer was hurt by higher insured losses on the back of weakness in the jobs and housing market.
Triad Guaranty Inc filed for Chapter 11 bankruptcy protection on Monday, court documents showed, after the U.S. mortgage insurer was hurt by higher insured losses on the back of weakness in the jobs and housing market.
Arch Capital Group last Friday acquired CMG Mortgage Insurance Co. from PMI Mortgage Insurance Co., a move that Moodys Investors Service sees as positive for Arch but credit-negative for existing players in the mortgage-insurance market that may have to contend with well-capitalized new entrants going forward.
The Consumer Financial Protection Agency is conducting a broad investigation into mortgage insurers business practices amid allegations of illegal kickbacks to bankers in order to gain access to customers in need of private mortgage insurance.
Old Republic International played down the possibility of a liquidity crisis and said it was unlikely regulators would seize its money-losing mortgage insurance business, after the company abandoned plans to spin off the unit.