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The Milwaukee-based company, the nation's largest mortgage insurer, said its third-quarter loss ballooned to $517.8 million, or $4.17 a share, compared with a loss of $115.4 million, or 93 cents a share in the same period a year ago.
The net loss for the first nine months of the year was $1.04 billion, compared with a net loss of $249.8 million for the same period last year. Through the first nine months of the year, loss per share totaled $8.49 compared with a loss per share of $2.26 for the same period last year.
Curt S. Culver, chairman and CEO of MGIC Investment Corp. and Mortgage Guaranty Insurance Corp. (MGIC), said the weak economy, higher unemployment and lower home prices combined to keep cure rates low but resulted in higher delinquencies and losses.
A cure rate pertains to loaners who go delinquent on loans then catch up and remain current.
Total revenues for the third quarter were $413.3 million, compared with $461.6 million in the third quarter last year. New insurance written in the third quarter was $4.6 billion, compared with $9.7 billion in the third quarter of 2008.
The company also reported that, as of Sept. 30, the percentage of loans that were delinquent, excluding bulk loans, was nearly 14%, compared with 9.51% as of Dec. 31, 2008, and 7.54% as of Sept. 30, 2008.
To see more of the Milwaukee Journal Sentinel, or to subscribe to the newspaper, go to http://www.jsonline.com. Copyright (c) 2009, Milwaukee Journal Sentinel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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