Where has the MGIC Gone?

Discussion in 'Stocks' started by ByLoSellHi, Feb 13, 2008.

  1. MGIC Swings to $1.5B Loss in 4Q

    Published: February 13, 2008

    Filed at 8:05 a.m. ET


    Mortgage insurer MGIC Investment Corp. says it lost almost $1.5 billion for the last three months of 2007 on higher home delinquencies and payouts. It also says it is looking for ways to boost its capital.

    The Milwaukee-based company said Wednesday it lost $18.17 per share in the fourth quarter compared with a profit of $121.5 million or $1.47 per share in the same period a year ago.

    A survey by Thomson Financial indicates Wall Street analysts had expected the company to lose, on average, $6.77 per share.

    Chairman and chief executive Curt S. Culver says the company still doesn't see making money this year.

    The company says it has hired an advisor to assist it in exploring alternatives for increasing its capital.