Foreclosures Push MGIC Into Red

MGIC Investment Corp. swung to a first-quarter loss as the mortgage insurer suffered amid increased foreclosures.

The company reported a net loss of $34.4 million, or 41 cents a share, compared with year-earlier net income of $92.4 million, or $1.12 a share. Revenue climbed 15% to $423.9 million.

Analysts polled by Thomson Financial had expected a loss of $1.69 a share on revenue of $435 million.

The latest quarter's results included $691.6 million of incurred losses, up from $181.8 million a year earlier, but that was partially offset by a $263.8 million benefit from changing premium-deficiency reserves.

Read Full Article from Wall Street Journal

- Posted: 2008-04-17 08:49:56

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