Source Pravda.Ru

MGIC Investment reports profit loss

MGIC Investment Corp, the largest U.S. mortgage insurer, reported a quarterly loss on Thursday as more homeowners fell behind on mortgage payments.

Milwaukee-based MGIC posted a first-quarter net loss of $34.4 million, or 41 cents a share, compared with net income of $92.4 million, or $1.12 a share, in the year-earlier period.

In addition to mortgage insurance, MGIC provides lenders with various underwriting and other services and products related to home mortgage lending.

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