Reuters (03/04/08)
MGIC Investment Corp. has announced plans to sell company stock in order to help increase capital at its main subsidiary, Mortgage Guaranty Insurance Co. The nation's largest mortgage insurer said it will decide later this month on the size of the planned share offering. With more U.S. homeowners falling behind on payments, the Milwaukee-based firm recorded a $1.47 billion fourth-quarter loss. MGIC has not ruled out making other capital raising moves in addition to the stock sale.
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