Buy to let house insurance

Low rates, improved economy will boost MGIC, Culver says Milwaukee Journal Sentinel

06.05.10

MGIC Investment Corp.'s chief executive told shareholders Thursday that improvements in the economy and continued low interest rates are setting the stage for improved performance for the Milwaukee-based mortgage insurer.

Curt Culver said stabilizing home prices, fewer new delinquencies, an improving employment picture and more-successful efforts by the government and lenders to keep people out of foreclosure make for a brighter outlook for MGIC, which has posted 11 consecutive quarterly losses in the dogged housing slump.

"Home prices, after falling 35% since July of 2006, stabilized and recovered slightly over the past eight months, so that's a positive for our business," Culver told a small group gathered for the annual shareholder meeting at the Marcus Center for the Performing Arts.

Culver said MGIC remains the nation's market share leader, but the Federal Housing Administration, which also insures residential mortgages, had increasingly become a competitor during the economic downturn. He said more FHA loans are running into delinquencies, however, which could help alter pricing and make private mortgage insurers more competitive.

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