Mortgage Guaranty Insurance Corporation

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Name Mortgage Guaranty Insurance Corporation
Headquarters Milwaukee, Wisconsin
Symbol NYSEMTG
Principal Subsidiary MGIC, the nation's leading private mortgage insurer
Company website www.mgic.com
Investor website www.mgic.com/investor
Industry website www.privatemi.com

Mortgage Guaranty Insurance Corporation (a subsidiary of MGIC Investment Corporation) NYSEMTG is a provider of private mortgage insurance in the United States.[1] 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[2] after suffering a billion-dollar loss[3] of its investment in Credit-Based Asset Servicing and Securitization (C-BASS, New York]).[4] 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.[citation needed]

Honors[edit]

In early 2011 MGIC was named by the Milwaukee Journal Sentinel as the second best large workplace (over 500 employees) in southeastern Wisconsin. Kwik Trip was the number one, ahead of MGIC.

External links[edit]

References[edit]

  1. ^ Plunkett, jack (2007). Plunkett's Insurance Industry Almanac 2007. Houston, Texas: Plunkett Research, Ltd. ISBN 1-59392-405-4. 
  2. ^ MGIC May Abandon Radian, Forbes, 2007-08-10
  3. ^ Milwaukee Journal-Sentinel, August 6, 2007
  4. ^ "C-Bass LLC Retains the Blackstone Group" (Press release). C-BASS. 2007-08-03.