Thursday, April 12, 2007

These Folks Are Sly Devils (MTG)

Mortgage Insurer MGIC Investment (MTG) finally got around to posting results tonight after 10 p.m. That just never looks good - posting in the dead of night. They missed by 59 cents a share: MTG poised to fall Thursday.

Way back in the good old days of early 2006 if someone was on their way to defaulting they could still do a refi, or perhaps quickly sell and prevent the prospect of complete ruin, and avoid inconveniencing a company like MTG from having to pull money out of reserves to cover defaulted mortgages.

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