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MGIC Says Reinsurers Looking to Enter Mortgage Market

MGIC Investment Corp , the largest publicly listed U.S. mortgage insurer, says reinsurers are interested in entering the mortgage reinsurance business, attracted by the high returns that could be earned from underwriting new mortgages.

By Reuters | Updated on October 21, 2011

Oct. 21 (Reuters)—MGIC Investment Corp , the largest publicly listed U.S. mortgage insurer, said reinsurers were interested in entering the mortgage reinsurance business, attracted by the high returns that could be earned from underwriting new mortgages.

While the mortgage insurers are struggling under the weight of defaults from loans underwritten during the housing boom, stricter underwriting standards by banks and insurers mean the current crop of mortgages are of a much higher quality.

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