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Wis. Court Approves Ambac Settlement
Posted on May 25th, 2010 No commentsA Lafayette County, Wis., circuit court judge approved a deal in which 14 of the world’s largest banks will receive $2.6 billion in cash and $2 billion in debt as part of the restructuring of Ambac Assurance Corp. Ambac, a spinoff of MGIC Investment Corp. and an insurer of municipal bonds and bonds backed by subprime loans, owes the banks a total of $12.9 billion. Read the Milwaukee Journal Sentinel article.
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B of A Mortgage Policy Could Benefit MGIC
Posted on March 24th, 2010 No commentsBank of America, the largest mortgage servicer in the country, will forgive up to 30 percent of some customers’ total mortgage balance. It’s a move that could also benefit Milwaukee-based mortgage insurer MGIC Investment Corp. B of A’s Countrywide unit sued MGIC in December, claiming that MGIC denied millions of dollars in valid claims. Read the Milwaukee Journal Sentinel article.
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MGIC Could Benefit from IRS Dispute
Posted on March 11th, 2010 No commentsThe Milwaukee-based mortgage insurer MGIC is involved in a dispute with the IRS that could cost the company $197.1 million. On the other hand, MGIC hopes to record a $282 million tax benefit, the Business Journal of Milwaukee reported.
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Bank of America Drops MGIC
Posted on February 5th, 2010 No commentsMilwaukee-based MGIC Investment Corp. has lost Bank of America as a customer. In December 2009, the mortgage insurer disclosed that B of A had sued MGIC for refusing to pay an estimated $100 million in claims the past two years. Read the story in the Business Journal of Milwaukee.
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Mortgage Insurer Posts 10th Quarterly Loss
Posted on January 26th, 2010 No commentsAlthough Milwaukee-based mortgage insurer MGIC Investment Corp. posted its 10th consecutive quarterly loss, the mortgage insurer’s stock price rose almost 10 percent the same day, according to the Milwaukee Journal Sentinel.
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Mortgage Giants Take Aim at MGIC
Posted on December 23rd, 2009 No commentsCountrywide Home Loans Inc. and BAC Home Loans Servicing LP have filed a complaint against Milwaukee-based MGIC Investment Corp., alleging that the mortgage insurer has denied, and continues to deny, valid mortgage insurance claims submitted by Countrywide and BAC Home Loans, according to the Milwaukee Business Journal.
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State Waives Restrictions on Mortgage Insurer
Posted on December 9th, 2009 No commentsMilwaukee-based MGIC Investment Corp.’s principal subsidiary Mortgage Guaranty Insurance Corp. announced that the state’s Office of the Commissioner of Insurance has waived, until Dec. 31, 2011, the requirement that MGIC maintain a specific level of minimum regulatory capital to write new mortgage guaranty policies. Read more in the Small Business Times of Milwaukee.