Mortgage insurer MGIC loses $1.47 billion
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MGIC Investment Corp, the largest U.S. mortgage insurer, posted on Wednesday a much larger-than-expected $1.47 billion quarterly loss as more homeowners fell behind on payments, and claims increased sevenfold.
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The crisis in the US sub-prime mortgage market leads to losses at US consumer finance firm GMAC.
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DirecTV reported a net loss of just over $1 billion in the quarter ended September 30th, compared to a loss of $23 million in the same period last year.
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Mortgage insurer MGIC Investment  plans to buy rival Radian Group Inc.  for about $5.47 billion, the companies said on Tuesday, a move that will allow them to cut costs amid shrinking demand that has been hurt further by a slowing housing market.
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MCI (MCI), one of the nation&#39;s biggest long-distance operators, lost $3.4 billion in the third quarter because of a previously announced asset writedown of $3.
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MBIA Inc , the world's largest bond insurer, said it had guaranteed $8.1 billion of the riskiest mortgage securities, imperiling its entire net worth and sending its shares plunging 26 percent.
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Mortgage insurer MGIC Investment   plans to buy rival Radian Group Inc.  for about  $5 billion, the companies said on Tuesday, a move that will  allow them to cut costs.
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The home builder reported that it swung to a loss in the first quarter, continuing a trend of bad news in the housing market.
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GMAC, the former finance arm of General Motors Corp. , said on Tuesday it would receive another $1 billion from GM and warned it would be hit by pressure from a weakening market for U.S. mortgages.
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MBIA Inc , the world's largest bond insurer, slashed its dividend 62 percent on Wednesday and said it would sell $1 billion of debt to preserve capital and the "triple-A" ratings it needs to operate normally in a mortgage market under siege.
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Bond insurer Ambac Financial Group Inc  on Tuesday reported a quarterly loss of $3.3 billion after credit derivative losses totaling $5.2 billion.
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The bigger-than-expected write-down of its mortgage portfolio led to a quarterly loss of $859 million, the bank said.
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The business racked up nearly $1 billion in losses since 2001.
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Freddie Mac, the No. 2 U.S. mortgage finance company, on Thursday reported an unexpected net loss of $211 million for the first quarter, citing a souring outlook for mortgage credit risk that widened credit spreads.
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MBIA Inc , the world's largest  bond insurer, said it has exposure to $30.6 billion in complex  mortgage securities that it insures, an amount that eclipses  its entire net worth.
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CALABASAS, Calif. - The stock of Countrywide Financial Corp. fell sharply Wednesday after the residential mortgage lender said a slowdown in refinancings led to a 47 percent plunge in profit for the third quarter.
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Rival mortgage insurers MGIC Investment Corp  and Radian Group Inc  scrapped their merger plan on Wednesday, the latest casualty of the turmoil in U.S. mortgage markets.