Mortgage Guaranty Insurance Corporation
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|Name||Mortgage Guaranty Insurance Corporation|
|Principal Subsidiary||MGIC, the nation's leading private mortgage insurer|
Mortgage Guaranty Insurance Corporation (a subsidiary of MGIC Investment Corporation) NYSE: MTG is a provider of private mortgage insurance in the United States. In addition to mortgage insurance, MGIC provides lenders with various underwriting and other services and products related to home mortgage lending.
The company is based in Milwaukee, Wisconsin, where it was founded in 1957 by Max H. Karl. He was a real estate attorney who noticed that his clients had trouble with paying for their new homes, and found that obtaining government-backed loan financing was difficult to obtain. Karl believed that there was a need for a company that could insure the top part of the mortgage rather than all of it. He secured $250,000 from investors, including friends and business associates, to open the new company.
On August 8, 2007 Mortgage Guaranty Insurance Corporation (MGIC, Milwaukee, Wisconsin) announces it will discontinue its purchase of Radian Group after suffering a billion-dollar loss of its investment in Credit-Based Asset Servicing and Securitization (C-BASS, New York]). MGIC grew quickly over the years, and as of 2012, is the largest provider of private mortgage insurance in the country. In early 2013, MGIC rose over $1 billion of capital and stocks rose to almost pre-recession levels.
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