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MGIC Corp. makes unexpected profit for second straight quarter


MILWAUKEE (WTAQ) - After losing money for three years, a Milwaukee mortgage insurer made an unexpected profit for the second quarter in a row.  

MGIC Investment Corporation Wednesday announced a net income of just over $12 million from July through September. That comes out to around four cents a share, after Wall Street analysts predicted a loss of 13 cents for the past quarter. 

MGIC lost $247 million in the same quarter of 2012, or $1.22 per share. Three months ago, MGIC reported its first quarterly profit in three years. 

The company provides insurance to mortgage lenders -- and the Great Recession forced MGIC to pay huge numbers of claims for houses that went into foreclosure. 

CEO Curt Culver says the improving economy has been a huge help to his firm. 

MGIC still lost money for the first nine months of 2013. The loss totaled around $48 million -- much smaller than the $540 million loss MGIC had in January through September of last year.