Two pieces of news provide a flicker of hope amid the doom and gloom.
MILWAUKEE, Jan. 8, 2013 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today issued an Operational Summary of its insurance subsidiaries for the month of December 2012 for their primary mortgage insurance. The summary is also available on the company's website at http://mtg.mgic.com, under Investor Information, Press Releases.
The information concerning new notices and cures is compiled from reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month, and by transfers of servicing between loan servicers.
Primary New Insurance Written ($Billions)
Beginning Primary Delinquent Inventory (# of loans)
Plus: New Notices
Less: Cures (1)
Less: Paids (including those charged to a deductible or captive)
Less: Rescissions and Denials (2)
Ending Primary Delinquent Inventory (# of loans)
(1) 941 loans were cured during December as a result of the aggregate loss limits on certain policies being reached. These policies are not related to the recently disclosed Freddie Mac settlement.
(2) Refer to our Form 10-Q filed with the Securities and Exchange Commission on November 9, 2012, for information about our suspension of certain rescissions and the number of rescissions suspended as of September 30, 2012.
About MGIC MGIC (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, is the nation's largest private mortgage insurer as measured by $164.9 billion primary insurance in force covering 1.0 million mortgages as of September 30, 2012. MGIC serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.
From time to time MGIC Investment Corporation releases important information via postings on its corporate website without making any other disclosure and intends to continue to do so in the future. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information can be found at http://mtg.mgic.com under Investor Information.
SOURCE MGIC Investment Corporation