Wall Street Confident in Mortgage Insurers Role in the Marketplace
09 9월 2011 - 9:16PM
Marketwired
With the Financial Crisis showing no signs of slowing, Mortgage
Insurers continue to struggle. The amount of underwater mortgages
and loan delinquencies remain high, and despite low interest rates
for home loans, many people are still steering clear of purchasing
a new home until the economic outlook is clearer. The Bedford
Report examines the outlook for companies in the Property &
Casualty Insurance Industry and provides equity research on MGIC
Investment Corporation (NYSE: MTG) and PMI Group, Inc. (NYSE: PMI).
Access to the full company reports can be found at:
www.bedfordreport.com/MTG
www.bedfordreport.com/PMI
According to the latest stats from the Mortgage Insurance
Companies of America (MICA), private mortgage insurers wrote $4.9
billion in new business in July even as some of the industry's
players struggled with falling stock prices and uncertainty about
future liquidity levels. Defaults outpaced loan cures in July with
MICA reporting that insurers under its umbrella had 48,758 loan
defaults insured by the industry and 35,905 cures.
Despite headwinds, MICA remains positive. Mica says that since
the housing market entered into the current crisis, the private MI
industry has raised over $8 billion in new private capital, "which
is a testament of investor confidence in the industry's ongoing
role in the marketplace."
The Bedford Report releases market research on the Property
& Casualty Insurance Industry so investors can stay ahead of
the crowd and make the best investment decisions to maximize their
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Both MGCI Investment Corporation and PMI Group are members of
MICA. MGIC Investment Corp's main mortgage insurance unit said this
week that it wrote more new insurance in August and the number of
bad loans on its books fell from the previous month. The largest
mortgage insurer in the United States had 183,338 mortgages
delinquent at the end of August, down from 185,093 at the end of
July.
In August, The PMI Group ended up under the direct supervision
of its chief regulator, the Arizona Department of Insurance. PMI
said PMI Mortgage Assurance Co, a subsidiary of MIC, was no longer
eligible to write new insurance, leaving the company with no way to
write new business.
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