Wall Street Confident in Mortgage Insurers Role in the Marketplace
The Bedford Report Provides Equity Research on MGIC Investment & PMI Group
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 09/09/11 -- 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:
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."
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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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Datum: 09.09.2011 - 12:16 Uhr
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News-ID 63977
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