Mortgage Insurance Industry Looks to Rebound as Mortgage Delinquency Rate at a Three-Year Low
13 Août 2012 - 2:20PM
Marketwired
Ever since the housing bubble collapsed and foreclosures soared,
mortgage insurers have struggled to recoup their losses, leaving
their books filled with large unpaid home loans. Things may be
turning around for the industry as the U.S. housing market has
begun to show signs of a long awaited recovery and with mortgage
delinquencies currently at a three-year low. Five Star Equities
examines the outlook for companies in the Property & Casualty
Insurance Industry and provides equity research on MGIC Investment
Corp. (NYSE: MTG) and Radian Group Inc. (NYSE: RDN).
Access to the full company reports can be found at:
www.FiveStarEquities.com/MTG
www.FiveStarEquities.com/RDN
Credit reporting agency TransUnion last week reported that
mortgage delinquencies, holders behind payments by 60 days or more,
have fallen to 5.49 percent in the second quarter, down from the
5.78 percent in the first quarter. The agency anticipates the
delinquency rate to continue to fall this year, but not below 5
percent.
"The pace of improvement should pick up when we review third
quarter results, helped by a few months of relatively good news on
home prices, this year's resurgence in refinance activity related
to HARP 2.0 and record low mortgage interest rates," says Tim
Martin, group vice president of U.S. housing in TransUnion's
financial services business unit.
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MGIC, the principal subsidiary of MGIC Investment Corporation,
is the nation's largest private mortgage insurer as measured by
$166.7 billion primary insurance in force covering 1.0 million
mortgages as of June 30, 2012. MGIC serves lenders throughout the
United States, Puerto Rico, and other locations helping families
achieve homeownership sooner by making affordable low-down-payment
mortgages a reality.
Radian Group Inc. provides private mortgage insurance and
related risk mitigation products and services to mortgage lenders
nationwide through its principal operating subsidiary, Radian
Guaranty Inc. The company recently reported that new mortgage
insurance written grew to $8.3 billion during the quarter, compared
to $6.5 billion in the first quarter of 2012 and $2.3 billion in
the prior-year quarter.
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