SEC seeks documents on failed Radian-MGIC merger

Radian Group Inc. and MGIC Investment Corp. said in separate regulatory filings today that the Securities and Exchange Commission asked for documents related to their terminated merger and a jointly owned mortgage-investment company.

Radian, Philadelphia, and MGIC, of Milwaukee, each wrote off their nearly $470 million investments in the troubled subsidiary, Credit-Based Asset Servicing and Securitization L.L.C.

Those charges contributed to third-quarter losses of $704 million at Radian and $373 million at MGIC.

Since February, when the planned merger was announced, Radian's shares are down 85 percent and MGIC's are down 71 percent.