MGIC posts quarterly profit due to lower defaults

Reuters

April 22 (Reuters) - Mortgage insurer MGIC Investment Corp posted a first-quarter profit, compared with a year-earlier loss, as fewer U.S. homeowners defaulted on their payments.

Net income was $60 million, or 15 cents per share, for the quarter ended March 31, compared with a loss of $72.9 million, or 31 cents per share, a year earlier.

(Reporting by Tanya Agrawal in Bangalore; Editing by Sriraj Kalluvila)

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