Growing Delinquency Rates Weigh on MGIC Investment and Genworth Financial
The Paragon Report Provides Equity Research on MGIC Investment Corp & Genworth Financial
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 10/25/11 -- Mortgage Insurers continue to struggle as the aftermath of the recession and economic slowdown weighs on their recovery. Matthew Howlett, an analyst at Macquarie Group Ltd argues that Mortgage Insurers probably won't "be able to handle a sustained increase in delinquencies" that would come with another recession. The Paragon Report examines investing opportunities in the Property & Casualty Insurance Industry and provides equity research on MGIC Investment Corporation (NYSE: MTG) and Genworth Financial, Inc. (NYSE: GNW). Access to the full company reports can be found at:
Last month a report released by the Office of the Comptroller of the Currency revealed that the number of homeowners behind on their mortgages rose during the second quarter of 2011. Early-stage delinquencies, which count mortgages that are between 30 and 59 days delinquent, increased 0.4 percent in the second quarter, the report said. More serious delinquencies -- mortgages that are 60 or more days delinquent -- and delinquent mortgages to bankrupt borrowers also increased slightly in the second quarter after falling for the previous five quarters.
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High delinquency rates have plagued Mortgage Insurers. Last week MGIC said its third-quarter cost of claims from mortgage defaults rose to $462.7 million from $384.6 million in the year-earlier period, as more homeowners fell behind on payments and claims were made on previously disclosed delinquencies. The insurer, which has been unprofitable for 16 of the last 17 quarters, said its third-quarter net loss widened to $165.2 million, or 82 cents a share, from $51.5 million, or 26 cents, in the year- earlier period.
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Datum: 25.10.2011 - 06:16 Uhr
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