Mortgage Guaranty Insurance Corporation (a subsidiary of MGIC Investment Corporation) NYSE: MTG is a provider of private mortgage insurance in the United States.
The company is based in Milwaukee, Wisconsin. In addition to mortgage insurance, MGIC provides lenders with various underwriting and other services and products related to home mortgage lending.
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History
In 1957, the company was founded by Max H. Karl, a real estate attorney who noticed that his clients were having trouble paying for their new homes. He secured US$250,000 from investors, including friends and business associates, to open the new company. In 1982, Karl sold the company to Baldwin United for $1.2 billion. In 1985, After Baldwin United filed for bankruptcy protection, MGIC was liquidated and its assets were sold to Northwestern Mutual for $775 million. Karl and others then set up a new company with the same name. In 1987, Bill Lacy was appointed chairman and chief executive officer of the company. Lacy died in 2016. In 1995, the founder of the company, Max H. Karl, died.
Subprime mortgage crisis and Great Recession
On 8 August 2007, MGIC announced it would 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). Over the period from 2006 to 2017, MGIC stock fell more than 94 percent.
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Honors
Mortgage Guaranty Insurance Corporation has been named a "Top Workplace" by the Milwaukee Journal Sentinel every year since 2010.
See also
- BBC News
References
External links
- MGIC corporate website
Source of article : Wikipedia
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