Wall Street Journal (04/09/08) P. C2
Unimpressive fourth-quarter results and ongoing weakness in the housing and job markets triggered ratings downgrades on several mortgage insurers by Standard & Poor's. The affected companies are MGIC Investment Corp., Radian Group Inc., PMI Group Inc. and Old Republic International Corp. One insurer, Radian, said it hopes to boost capital by seeking cash from outside entities or a public offering of common stock and is developing what it calls a "government-sponsored enterprises" plan. Meanwhile, both MGIC and PMI said the ratings cut should not dramatically impact business.
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