American Banker (07/18/08) P. 13; Terris, Harry
MGIC Investment Corp. reported that losses nearly tripled during the second quarter from the previous three months to $97.9 million and added that its target for paid claims this year is still $1.8 billion to $2 billion. "The reality is that the pace of paids has been slowed due to various state and lender foreclosure moratoriums, servicing delays, fraud investigations, mitigation opportunities, and the lack of capacity of our court system," MGIC Chairman and CEO Curt Culver said during a conference call. The Milwaukee company also said it expects to break even on policies written in the first quarter and profitability to improve. MGIC saw its shares rise nearly 40 percent in July 17 trading.
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