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What: Shares of mortgage insurer MGIC Investment
So what: While MGIC managed to report a 1.5% drop in loan delinquencies and $1 billion in new insurance written, the results just weren't as strong as Mr. Market had hoped. In fact, the shares are hitting new 52-week lows on the monthly report and are now down more than 40% year-to-date.
Now what: Although MGIC's recent delinquency rates seemed to have been moving in the right direction, today's report suggests that the trend may be losing steam. Foreclosures lag mortgage delinquencies, after all, so it's difficult to tell exactly how long the housing crisis will continue to plague MGIC, as well as fellow mortgage insurers PMI
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