Credit-default swaps tied to MGIC Investment Corp. led a decline among mortgage insurers after the company posted a narrower quarterly loss and said it will sell $1bn in stock and notes. Swaps tied to Milwaukee-based MGIC, the largest US mortgage insurer, fell 6.1 percentage points to 4.4% upfront, according to CMA DataVision. That means an investor buying protection on $10m of debt would pay an initial $440,000 as well as $500,000 a year. MGIC lost $150.1m, or $1.20 a share, in the first quarter, down from $184.6m, or $1.49 a share, in the year-earlier period, the company said today in a statement.
MGIC leads drop in mortgage-insurer credit risk as loss narrows
Most Popular Articles
Latest Articles
2024 is not the year to cut corners on staging — here’s why
With home prices reaching unprecedented heights and interest rates soaring, the discerning nature of today’s buyers requires all agents to employ every possible advantage. Simply put, cutting corners on staging is a risky move that risks prolonged market presence.