FULTON COUNTY EMPLOYEES RET. SYSTEM v. MGIC INV.

No. 11-1080.

675 F.3d 1047 (2012)

FULTON COUNTY EMPLOYEES RETIREMENT SYSTEM, on behalf of a class, Plaintiff-Appellant, v. MGIC INVESTMENT CORPORATION, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided April 12, 2012.


Attorney(s) appearing for the Case

Geoffrey M. Johnson , Attorney, Scott & Scott, Cleveland Heights, OH, for Plaintiff-Appellant.

Bryan B. House (argued), Attorney, Foley & Lardner LLP, Milwaukee, WI, Beth A. Kaswan (argued), Attorney, Scott & Scott LLP, New York, NY, Edward J. Fuhr (argued), Attorney, Hunton & Williams LLP, Richmond, VA, for Defendants-Appellees.

Before EASTERBROOK, Chief Judge, and ROVNER and TINDER, Circuit Judges.


EASTERBROOK, Chief Judge.

MGIC Investment Corporation insures mortgage loans. Lenders prefer security beyond the borrower's promise to pay plus the value of the real property. The market price of land or a house may decline; its worth may have been overestimated; borrowers may fail to make payments or allow the collateral to fall into disrepair. Several governmental agencies offer mortgage insurance. When no governmental body will insure a loan—or when public...

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