NEW YORK, NY--(Marketwire -02/03/12)- 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 MGIC Investment Corporation (NYSE: MTG - News) and Genworth Financial, Inc. (NYSE: GNW - News). Access to the full company reports can be found at:
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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MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance to the home mortgage lending industry. Last week the company posted a fourth-quarter net loss of $135.3 million, or 67 cents a share, up from a loss of $186.7 million, or 93 cents, a year earlier.
MGIC said its risk-to-capital ratio will probably exceed the maximum 25-to-1 allowed by some state regulators in the second half of this year.
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