Challenging Economy Continues to Weigh on Mortgage Insurers
03 Février 2012 - 2:20PM
Marketwired
Expectations for Mortgage Insurers remain poor in 2012 as
significant weakness remains in the jobs and housing markets. In
late January, S&P lowered its outlook on three mortgage
insurers -- MGIC Investment Corporation, Genworth Financial and
Radian Group -- explaining that its outlook on both the parent and
mortgage insurance segment remains negative. Five Star Equities
examines the outlook for companies in the Property & Casualty
Insurance Industry and provides equity research on PMI Group, Inc.
(PINKSHEETS: PPMIQ) and Radian Group, Inc. (NYSE: RDN). Access to
the full company reports can be found at:
www.fivestarequities.com/PPMIQ
www.fivestarequities.com/RDN
Earlier this week The Mortgage Insurance Companies of America
(MICA) released its monthly statistical report with member
companies reporting a total of $467,553 million in primary
insurance in force for the month of December 2011. The number of
private mortgage insurance applications received in December by
MICA members totalled 26,036, MICA reported. Meanwhile, MICA
members reported 38,481 defaults and 27,301 cures in December.
Statistics from the report include data from Genworth Mortgage
Insurance Corporation, Mortgage Guaranty Insurance Corporation,
Radian Guaranty Inc., and Republic Mortgage Insurance Company.
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Radian Group Inc., through its subsidiaries, provides
credit-related insurance coverage and financial services in the
United States and internationally. In January, Assured Guaranty
Ltd. agreed to reassume a $12.9 billion portfolio reinsured by a
subsidiary of Radian Group. Radian CEO S.A. Ibrahim said the deal
is expected to increase the capital of Radian Asset by $100 million
in the first quarter, strengthening the company's capital
position.
The PMI Group, Inc., through its subsidiary, PMI Mortgage
Insurance Co., provides residential mortgage insurance products to
mortgage lenders and investors in the United States.
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