PMI Group and Genworth Financial to Play Important Role in Housing Market's Recovery
28 9월 2011 - 9:16PM
Marketwired
The Paragon Report examines investing opportunities in the Property
& Casualty Insurance Industry and provides equity research on
PMI Group, Inc. (NYSE: PMI) and Genworth Financial, Inc. (NYSE:
GNW). Access to the full company reports can be found at:
www.paragonreport.com/PMI
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Earlier this month Federal Housing Finance Agency Acting
Director Edward DeMarco explained a variety of ways the
conservatorship of the Government Sponsored Enterprises (GSEs)
would be changing. Among them is a new way to reduce their
long-term risk exposure by looking to share Fannie and Freddie's
risk with the private market via mortgage insurance in some of
those ways.
Such action would be a sure-fire catalyst for the private
mortgage insurance sector. The Mortgage Insurance Companies of
America (MICA)says that it "welcomes the opportunity to play a
vital role in housing finance for a return to prudently
underwritten low down payment mortgage loans to meet the needs of
moderate to low income families and first time homebuyers." MICA
went on to explain in a statement that the "private mortgage
insurers provide deeper coverage to protect the U.S. taxpayer."
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According to the latest stats from 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."
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