Hurricanes Boost MGIC Delinquencies

Delinquencies at MGIC Investment Corp., the nation's largest mortgage insurer, rose 13% in the fourth quarter, in part because of storm damage caused by hurricanes Katrina, Rita, and Wilma.MGIC said its delinquency inventory rose to 85,788 at the end of December -- with 5,300 loans going late because of hurricane damage. New insurance written in the quarter fell to $15.3 billion from $15.8 billion a year earlier. (The company continues to rely heavily on bulk insurance, which rose 23% in the quarter.) MGIC's book of business had a delinquency ratio of 4.52% at year-end, up from 3.99% a year earlier. Its earnings fell 4% to $128.1 million. The company is based in Milwaukee.