Hi Friends!

This is your Hard Money Lender in Tucson and the Southern Arizona area, Billy A with an interesting news article I want to share with you that was published this week by Kerri Panchuk at housingwire.com about MGIC’s (Mortgage Guaranty Insurance Corp.) stock going up. Below is a portion of the article:

MGIC Stock Shoots Up After Cutting New Deal With Freddie – By Kerri Ann Panchuk

The stock of MGIC shot up 18% in morning trading after Freddie Mac proposed a new deal that would let the mortgage insurer write new business in states where it still lacks waivers on capital requirements.

Without the waivers, the insurer would not be able to write new Freddie Mac business in jurisdictions where it does not meet the capital standards set by local regulators. The deal does not include the state of Wisconsin, home of the insurer’s chief regulator.

The agreement, if accepted by the firm’s Wisconsin regulator, would clear up one part of a dilemma that has been dogging the mortgage firm for several months.

Being able to write new business with Freddie Mac is critical to MGIC’s success in enhancing its capital position, but the GSE and the Office of the Commissioner of Insurance of Wisconsin have been debating the terms of waiver agreements for months.

Earlier this year, Freddie said MGIC’s mortgage insurance unit could continue writing business in jurisdictions without state regulatory approvals as long as it makes a $200 million capital infusion to MGIC, the holding company, before Sept. 30.

In addition, Freddie said the parties needed to agree on how pooled policies should be interpreted. The GSE also stipulated that MGIC’sWisconsinregulator needed to agree by Dec. 31 that the capital infusion plan is acceptable.

The Office of the Commissioner of Insurance out of Wisconsin was in disagreement with the plan, prompting Freddie to launch a new plan Friday.

To read the rest of the article, click here.

That’s all for this time! Make it another great day!

Your Hard Money Lender in Tucson and Southern Arizona,

Billy A

P.S. I want to be your favorite Hard Money Lender in Tucson and Southern Arizona, so please don’t keep me a secret! If you, your friends or family need help with funding, I’d be happy to give them free information without any obligation. Please give me a call at:

(520) 299-4878!

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