MGIC Investment Corp., Milwaukee, has reported a net loss of $375.2 million ($4.60 per share) for the third quarter, compared with earnings of $130.0 million ($1.55 per share) for the same period last year.The company blamed a series of one-time items for the loss, including a $303.0 million writedown of its investment in C-BASS and $11.3 million in expenses related to the termination of its acquisition of Radian Group Inc., Philadelphia. These were offset by a gain of $105.9 million on the sale of a portion of its holdings in Sherman Financial Group. Because of expected fourth-quarter paid losses of $270-290 million and expected 2008 paid losses of $1.2-1.5 billion, MGIC said it would not be profitable in the fourth quarter or for all of next year. Fitch Ratings revised its ratings outlook for MGIC from stable to negative. However, Fitch said it believes MGIC "will maintain more than enough financial and capital and financial resources to manage through this period, and it will be unlikely that Fitch will downgrade the company's ratings." MGIC can be found on the Web at http://www.mgic.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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