PMI Group and Radian Group Help to Stabilize Housing Market
October 11 2011 - 8:16AM
Marketwired
Despite falling stock prices and uncertainty regarding certain
companies' liquidity levels, Mortgage Insurers are continuing to
show a steady recovery from the lows of the recession. Studies from
Milliman, Inc. and revealed by The Mortgage Insurance Companies of
America (MICA), the private mortgage industry has played a
significant role in reducing default on low down payment loans. The
Bedford Report examines the outlook for companies in the Property
& Casualty Insurance Industry and provides equity research on
PMI Group, Inc. (NYSE: PMI) and Radian Group, Inc. (NYSE: RDN).
Access to the full company reports can be found at:
www.bedfordreport.com/PMI
www.bedfordreport.com/RDN
According to The Mortgage Insurance Companies of America (MICA)
private mortgage insurance companies reported August defaults fell
to 48,187 from 48,758 the previous month. Cures are mortgages that
were at least 60 days delinquent but have since been made current.
Statistics in this report include data from Genworth Mortgage
Insurance Corporation, Mortgage Guaranty Insurance Corporation, PMI
Mortgage Insurance Co., Radian Guaranty Inc., and Republic Mortgage
Insurance Company. Private mortgage insurance premiums are
tax-deductible for many borrowers who purchase or refinance a home
through 2011.
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& Casualty Insurance Industry so investors can stay ahead of
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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.
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, and
"which is a testament of investor confidence in the industry's
ongoing role in the marketplace."
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