On Air Now

Upcoming Shows

Program Schedule »

Tune in to Listen

1440 AM Green Bay, WI

Weather

Current Conditions(Green Bay,WI 54303)

More Weather »
63° Feels Like: 63°
Wind: SSE 10 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Mostly Sunny 74°

Tonight

Partly Cloudy 52°

Tomorrow

Sunny 78°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

MGIC Corp. makes unexpected profit for second straight quarter

Profits
Profits

MILWAUKEE (WTAQ) - After losing money for three years, a Milwaukee mortgage insurer made an unexpected profit for the second quarter in a row.  

MGIC Investment Corporation Wednesday announced a net income of just over $12 million from July through September. That comes out to around four cents a share, after Wall Street analysts predicted a loss of 13 cents for the past quarter. 

MGIC lost $247 million in the same quarter of 2012, or $1.22 per share. Three months ago, MGIC reported its first quarterly profit in three years. 

The company provides insurance to mortgage lenders -- and the Great Recession forced MGIC to pay huge numbers of claims for houses that went into foreclosure. 

CEO Curt Culver says the improving economy has been a huge help to his firm. 

MGIC still lost money for the first nine months of 2013. The loss totaled around $48 million -- much smaller than the $540 million loss MGIC had in January through September of last year.

Comments