Website www.mgic.com Parent organization MGIC Investment | Founded 1957 | |
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Type Subsidiary of MGIC Investment Corporation Headquarters Milwaukee, Wisconsin, United States CEO Patrick Sinks (1 Mar 2015–) Subsidiaries MGIC Australia Pty Ltd | ||
Mortgage Guaranty Insurance Corporation (a subsidiary of MGIC Investment Corporation) NYSE: MTG is a provider of private mortgage insurance in the United States. In addition to mortgage insurance, MGIC provides lenders with various underwriting and other services and products related to home mortgage lending.
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The company is based in Milwaukee, Wisconsin, where it was founded in 1957 by Max H. Karl. He was a real estate attorney who noticed that his clients had trouble with paying for their new homes, and found that obtaining government-backed loan financing was difficult to obtain. Karl believed that there was a need for a company that could insure the top part of the mortgage rather than all of it. He secured $250,000 from investors, including friends and business associates, to open the new company.
Subprime mortgage crisis & Great Recession
On August 8, 2007 Mortgage Guaranty Insurance Corporation (MGIC, Milwaukee, Wisconsin) announces it will discontinue its purchase of Radian Group after suffering a billion-dollar loss of its investment in Credit-Based Asset Servicing and Securitization (C-BASS, New York). Since 2006, MGIC stock has fallen more than 94 percent.
Honors
Mortgage Guaranty Insurance Corporation has been named a "Top Workplace" by the Milwaukee Journal Sentinel every year since 2010.