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MGIC Investment (MTG)

Stock (Financial Services Industry, Surety & Title Insurance Industry)

MGIC reports a Q3 loss MGIC Investment reported a Q3 loss of $372.5 million, compared to earnings of $130 million last year. The loss was primarily due to an unsuccessful investment in subprime mortgage investor C-BASS and the cancellation of a proposed merger with Radian Group. Further, the company faced mortgage defaults in the quarter. The company does not expect to post profits next year, unless there is a reduction in loss severity or the cure rate is improved in the coming months.

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