The interesting thing is the flow NIW of 7.1B, almost double that of last April, and the highest monthly total in the last year by a good measure. Maybe this reflects market share coming back from FHA?
I also note a recent article in housingwire about rumors that revised QRM rules will allow for downpayments of below 20% to still qualify as QRMs. If true, I bet it will be some variety of the 10% + PMI proposal. US MI may not be dead yet - but i still hope they spin it off somehow.
note that in terms of cures and new delinquencies this was the worst april since 2009, the ability to modify borrowers is drying up, meaning even genworth's industry-leading reserves may be inadequate for the claims to come, as for niw, that is nice, but thanks to the price wars radian is leading, double the niw may come at 90% of the profit, also niw is highly driven by refis, so a lot of that niw is just replacing the 2009 book that is refinancing, which is not a great thing because the 2009 book had nice fat premium rates compared to today's rates, god forbid the new ceo (whoever he/she may be) decides to hold onto usmi because of a little bump in niw, that will kill this company for good, their best strategy is to follow ORI: spin off and isolate the USMI risk, if that means usmi can't make it on its own, so be it.
Thanks for the flip side Paid, you are like me, just give the reality and real story.
I'm with most and lean towards a spin off, etc.
Hopefully the new CEO has a non biased opinion about MI and will look at the future of GNW then move forward with or without MI.
My opinion on CEO is this, Genworth is a dream job with huge potential, annual revenue generated verses current sp, can you say stock options that will soar in 3 years with a turn around. I think the current sp with stock options is the most attractive part of the compensation, lets face it Genworth is a good company LT and should attract a high quality individual.
My assumption, the worst is over in USMI, but if it must go...Hasta la vista, baby!