SEC Requests Documents From MGIC

MGIC said in a regulatory filing it is complying with the request from the Securities and Exchange Commission's Division of Enforcement.

C-BASS was a joint venture with Radian that was set up to invest in subprime mortgages -- loans given to customers with poor credit history. As subprime mortgages increasingly went into default this year, the value of securities backed by the loans declined. That led MGIC to write down its stake in the company as it closed the business.

MGIC also will furnish the SEC with documentation related to its now terminated deal with Radian. The pair had planned to combine operations, but the deal broke down as the mortgage market continued its swoon and the C-BASS venture essentially became worthless.

In the regulatory filing, MGIC also slightly revised its third-quarter loss to $4.61 per share from $4.60 per share. The total loss remained at $372.5 million for the quarter. The mortgage insurer earned $130 million, or $1.55 per share, during the same period last year.