Oct. 21 (Reuters)—MGIC Investment Corp posted a wider third-quarter loss, saw more homeowners fall behind on their payments and is perilously close to reaching the maximum risk levels allowed, sending its shares down 15 percent before the bell.
MGIC Investment, Radian Inc., PMI Group, and life insurer Genworth's mortgage unit insured millions of mortgages, at low premiums, during the housing boom.
But when the loans went bust, they were left taking large losses, lowering their capital and raising their risk ratios.
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