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Mortgage Insurer MGIC Posts Profit as Housing Market Recovers

Mortgage insurer MGIC Investment Corp posted its second straight quarterly profit, after six years of losses, as a recovery in the U.S. housing market lowered the number of defaulters.

By Reuters | Updated on October 16, 2013

(Reuters) – Mortgage insurer MGIC Investment Corp posted its second straight quarterly profit, after six years of losses, as a recovery in the U.S. housing market lowered the number of defaulters.

The percentage of MGIC’s loans that were delinquent, excluding bulk loans, fell to 9.69 percent at Sept. 30 from 12.34 percent a year earlier.

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