All Conditions to Freddie Mac Approval of MGIC Subsidiary Satisfied

     All Conditions to Freddie Mac Approval of MGIC Subsidiary Satisfied

-MGIC/MIC Remain GSE Eligible-

PR Newswire

MILWAUKEE, Nov. 30, 2012

MILWAUKEE, Nov. 30, 2012 /PRNewswire/ -- MGIC Investment Corporation
(NYSE:MTG)announced today that on December 3, 2012 it will be transferring
$100 million to its subsidiary Mortgage Guaranty Insurance Corporation (MGIC)
and that all other conditions required by Freddie Mac to continue Freddie
Mac's approval of MGIC's subsidiary, MGIC Indemnity Corporation (MIC), as a
limited mortgage insurer through December 31, 2013 have been satisfied. MIC
is also an approved mortgage insurer for Fannie Mae.

Curt Culver, Chairman and CEO of MGIC Investment Corporation and MGIC, said "I
am very pleased that the implementation of our plan, designed over three years
ago, to write new business through a combination of MGIC and MIC, can continue
to be implemented. I want to express my thanks to our business partners at
Freddie Mac and Fannie Mae, to the FHFA, and to MGIC's principal regulator,
the Wisconsin OCI, for its efforts in concluding this matter." Culver added
"I appreciate the trust that our customers continue to place in MGIC for their
mortgage insurance solutions and want to thank them for their business."

MGIC, Freddie Mac and the Federal Housing Finance Agency (FHFA), Freddie Mac's
conservator, are entering into the previously announced agreement to settle
the pool insurance dispute between MGIC and Freddie Mac/FHFA. Under that
agreement, MGIC is to pay Freddie Mac a total of $267.5 million in
satisfaction of all obligations under the policies at issue. Of the total,
$100 million will be paid by December 11, 2012 and the remaining $167.5
million will be paid in 48 equal installments beginning on January 2, 2013.
In the fourth quarter MGIC is recording a charge of $267.5 million to reflect
the settlement agreement. Partially offsetting this negative effect on
statutory capital is the $100 million transfer to MGIC and any realized gains
on the sale of investments during the quarter.

On November 29, 2012, the Office of the Commissioner of Insurance of the State
of Wisconsin (OCI) issued an order establishing a procedure for MIC to pay a
dividend to MGIC if either of the following two events occurs: (1) an OCI exam
determines MGIC is reasonably likely to be unable to honor its claim
obligations during the five years after the exam, or (2) MGIC fails to honor
its claim obligations for claims that it in good faith believes are valid. If
one of these events occurs, the OCI is to conduct a review (to be completed
within 60 days after the triggering event) to determine the maximum single
dividend MIC could prudently pay to MGIC for the benefit of MGIC's
policyholders. Upon completion of the review, the OCI will authorize MIC to
pay such a dividend within 30 days.

On November 30, 2012, Freddie Mac gave conditional approval to MIC to write
new business in any jurisdiction in which MGIC is unable to write new business
because MGIC does not meet any specific regulatory capital requirements for
mortgage insurers, after considering any waiver that may be granted, or for
jurisdictions without such requirements, because of that jurisdiction's view
of MGIC's financial condition. However, under the applicable Freddie Mac
conditions, MIC is not eligible to write business in Wisconsin, and if MGIC
cannot write business in Wisconsin, MIC is not eligible to write business in
any jurisdiction.

In January 2012, Fannie Mae approved MIC through December 31, 2013 to write
new business in 16 specified jurisdictions that have specific regulatory
capital requirements when MGIC is unable to write new business because MGIC
does not meet those capital requirements, after considering any waiver that
may be granted.On November 30, 2012,Fannie Mae also conditionally approved
MIC to write business in each jurisdiction without specific regulatory capital
requirements if MGIC becomes unable to do so because of that jurisdiction's
view of MGIC's financial condition. This approval is for 60 days from the
date MGIC is prohibited from writing in the jurisdiction while Fannie Mae
evaluates approving MIC in such jurisdiction for a longer period but not
beyond December 31, 2013. However, under the applicable Fannie Mae conditions,
MIC is not eligible to write business in Wisconsin, and if MGIC cannot write
business in Wisconsin, MIC is not eligible to write business in any
jurisdiction.

MIC is currently writing business in eight jurisdictions: Florida, Idaho,
Missouri New Jersey, New York, North Carolina, Ohio and Puerto Rico.

As with its past MIC approvals, Freddie Mac's approval for MIC may be
withdrawn by Freddie Mac at any time. Fannie Mae's approval of MIC is subject
to various conditions described in MGIC Investment Corporation's Current
Report on Form 8-K, dated January 24, 2012; the January 2012 approval
agreement is filed as Exhibit 99.3 to such Report.

The OCI order, Freddie Mac's November 30, 2012letter regarding MIC
eligibility, and the Fannie Mae November 30, 2012 letter agreement expanding
the scope of Fannie Mae's approval of MIC are filed as Exhibits 99.1, 99.2 and
99.3, respectively, to MGIC Investment Corporation's Current Report on Form
8-K, dated November 30, 2012. The above descriptions of these instruments are
only summaries and are qualified by the actual terms of the instruments. The
confidentiality provisions of the settlement agreement with Freddie Mac and
the FHFA preclude that agreement from being filed earlier than as an exhibit
to the Annual Report on Form 10-K of MGIC Investment Corporation for the year
ended December 31, 2012, which is expected to be filed with the SEC on March
1, 2013. A more complete description of the settlement agreement is contained
in the Current Report on Form 8-K, dated November 30, 2012, referred to above.

About MGIC
MGIC (www.mgic.com), the principal subsidiary of MGIC Investment Corporation,
is the nation's largest private mortgage insurer as measured by $164.9 billion
primary insurance in force covering 1.0 million mortgages as of September 30,
2012. MGIC serves lenders throughout the United States, Puerto Rico, and other
locations helping families achieve homeownership sooner by making affordable
low-down-payment mortgages a reality.

From time to time MGIC Investment Corporation releases important information
via postings on its corporate website without making any other disclosure and
intends to continue to do so in the future. Investors and other interested
parties are encouraged to enroll to receive automatic email alerts and Really
Simple Syndication (RSS) feeds regarding new postings. Enrollment information
can be found at http://mtg.mgic.comunder Investor Information.

SOURCE MGIC Investment Corporation

Website: http://www.mgic.com
Contact: Investor - Michael J. Zimmerman, Investor Relations, +1-414-347-6596,
mike_zimmerman@mgic.com; Media - Katie Monfre, Corporate Communications,
+1-414-347-2650, katie_monfre@mgic.com
 
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