MGIC Reports 1Q Loss

The nation's largest mortgage insurer, MGIC Investment Corp., lost $34.4 million in the first quarter as it paid out more claims with more homeowners struggling to meet their mortgage payments.

The company said Thursday it recorded a loss per share of 41 cents for the quarter, compared with earnings per share of $1.12, on net income of $92.4 million, for the same quarter a year ago.

Chairman and CEO of MGIC, Curt Culver, claimed the company's financial results continued to be impacted by increases in both the number of delinquent loans and foreclosures that have resulted as home prices declined further and the economy slowed.

MGIC's revenue did however rise to $423.9 million from $369.6 million a year earlier.

Defaults on privately insured U.S mortgages rose 38.1 percent in February as a growing number of homeowners failed to keep up with their loan payments, according to the Mortgage Insurance Cos of America, a trade group.