MGIC Leads Mortgage Insurer Slump After $151.7 Million Loss
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MGIC Investment Corp. led a mortgage insurer slump after the company swung to a loss as fewer borrowers caught up on overdue loans.
MGIC, the largest U.S. mortgage insurer, dropped $1.38, or 23 percent, to $4.62 in New York Stock Exchange composite trading at 4 p.m. No. 2 Radian Group Inc. fell 14 percent and PMI Group Inc. dropped 13 percent. Genworth Financial Inc., the seller of life insurance and mortgage coverage, slipped 7.7 percent.