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MGIC Investment Corp. Message Board

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  • mortgageguy44 mortgageguy44 Jul 24, 2012 1:05 PM Flag

    MTG will stay here for a while as long as

    The GSEs and MGIC are still in court to decide which court will handle it. It looks like it will be in Minnesota because MGIC filed first.

    The Countrywide lawsuit has been on going for over two years. I do not know of anything that would expedite this case unless, there is a settlement.

    The key from MGIC's point of view is going to be the conversations and emails when the contract was written. I would think MGIC is hiring every possible computer consultant to find ways to retrieve old emails from the MGIC employees computers and servers.

    My read is the contract was poorly written by MGIC's attorneys. However, there is a referecne to "step down" in insurance which MGIC indicates supports its position. In addition, Freddie's actions in 2006 in setting up a new pool insurance policy demonstrates that Freddie was either willing to overpay for insurance they did not need or they also interpeted the contract the way MGIC interperts it.

    Notes or emails from the negotiators of the contract could prove MGIC's case if they can be found.

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MTG
9.31+0.06(+0.65%)Dec 24 2:48 PMEST

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