Friday, September 3, 2010

IS this the October Surprise?? MGIC Leads Rally as U.S. Adds More Jobs Than Forecast

MGIC Leads Mortgage Insurers' Rally as U.S. Adds More Jobs Than Forecast - Bloomberg: "Private payrolls that exclude government agencies climbed 67,000 in August, Labor Department figures in Washington showed today. The median estimate of economists surveyed by Bloomberg News was for a gain of 40,000. Shares of mortgage insurers, which pay lenders when homeowners default and foreclosure fails to recoup costs, have surged this year amid speculation the economic recovery would ease the pace of delinquencies.

“The fact that the employment report was a little better than expected today is probably what’s driving them,” said Jim Ryan, a Chicago-based analyst with Morningstar Inc. “Foreclosures will only be cured by more jobs.”

MGIC of Milwaukee reported today that its primary delinquent inventory in August shrank to 225,310 from 229,012 at the beginning of the month. Mortgage insurers have>>>KEEP READING"

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