MGIC's Woes Multiply on Rising Mortgage Losseshttp://www.fool.com/investing/general/2011/08/25/mgics-woes-multiply-on-rising-mortgage-losses.aspx Shubh Datta
August 25, 2011
The United States' biggest mortgage insurer, MGIC Investment (NYSE: MTG ) , reported a second-quarter loss recently as loan defaults jumped. The Milwaukee-based company has now reported losses for four straight quarters.
The housing slump, frustratingly high unemployment, and a shaky economic recovery have all played their part in adding to the mortgage insurer's woes. MGIC has not seen yearly profits since 2006 due to the foreclosure crisis.
The housing slump