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Into the Ghetto. For all its rapid growth, M.G.I.C. is still a mite compared with mammoth FHA, but President Karl has his eye on some surprising markets. Last year the company began offering commercial-mortgage and lease-guarantee insurance in a tie-up with the Small Business Administration. Next, Karl expects to go into partnership with the State of Wisconsin to help city ghetto dwellers obtain more favorable mortgages. The state, under a law signed by Governor Warren Knowles last month, will insure 80% of such nothing-down loans, and M.G.I.C. will assume its usual top 20% of the risk. However hazardous that may sound, Karl insists: "We can get involved in every form of housing with safety and prudence."