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Stock Market & Financial Investment News

News Breaks
November 1, 2012
09:16 EDTMTG, FMCCMGIC reaches preliminary settlement of dispute with Freddie Mac
MGIC Investment Corporation (MTG) announced that Freddie Mac (FMCC) has confirmed that its condition that agreement be reached on substantially all terms of a settlement of the pool insurance dispute between MTG's Mortgage Guaranty Insurance Corporation subsidiary and Freddie Mac has been met for purposes of continuing toward resolution. The principal economic terms concerning the amount of payments in settlement of MGIC's obligations under the policies at issue have been agreed upon. The majority of these payments to Freddie Mac will be made over a period of four years after the signing of the definitive agreement, with the remainder to be paid at signing. However, MGIC and Freddie Mac still must agree to certain issues that are significant to final resolution. All terms of the settlement will be included in a definitive settlement agreement, which MGIC, Freddie Mac and FHFA are negotiating. This agreement will be subject to approval by the Boards of Directors of MGIC and Freddie Mac and by FHFA. The communications of the parties to third persons about the pool insurance dispute remain subject to a confidentiality agreement with Freddie Mac. As a result, MTG can make no further comment about the terms of the proposed settlement. If MGIC's and Freddie Mac's Boards of Directors and FHFA approve a final settlement agreement, any definitive settlement agreement would only be signed concurrently with the satisfaction of the other conditions in the Freddie Mac Letter. These are: by December 1, 2012, MTG must contribute $100M to MGIC, and by December 31, 2012, the Office of the Commissioner of Insurance of Wisconsin must provide confirmation to Freddie Mac of the availability of the capital of MGIC Indemnity Corporation, a subsidiary of MGIC, to pay claims on MGIC policies.
News For MTG;FMCC From The Last 14 Days
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April 23, 2014
10:56 EDTMTGOptions with decreasing implied volatility: CMG MTG VRX ILMN
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April 22, 2014
07:10 EDTMTGMGIC Investment reports Q1 EPS 15c, consensus 10c
Reports Q1 revenue $235.1M, consensus $241.01M; Reports primary insurance in force as of March 31 was $157.9B; Reports new insurance written in Q1 was $5.2B.
April 11, 2014
07:47 EDTFMCCDeutsche granted dismissal of FHFA suit, Reuters says
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April 10, 2014
08:29 EDTFMCCFannie, Freddie holders create 'Investors Unite' to fight reform, Reuters says
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