NEW YORK, NY--(Marketwire -08/13/12)- 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 Genworth Financial Inc. (GNW) and Old Republic International Corporation (ORI).
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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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Genworth Financial, Inc., a financial security company, provides insurance, wealth management, investment, and financial solutions in the United States and internationally. For the second quarter of 2012 the company reported net income of $76 million, compared with a net loss of $136 million in the second quarter of 2011.
Old Republic International Corporation is one of the nation's 50 largest publicly held insurance organizations. Its most recent financial statements reflect consolidated assets of approximately $16.1 billion and common shareholders' equity of $3.77 billion, or $14.74 per share.
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