Mortgage Insurance Industry Looks to Rebound as Mortgage Delinquency Rate at a Three-Year Low
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MGIC Investments (NYSE:MTG)
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Today : Monday 13 August 2012
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 MGIC Investment Corp. (NYSE: MTG) and Radian Group Inc. (NYSE: RDN).
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www.FiveStarEquities.com/MTG www.FiveStarEquities.com/RDN 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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MGIC, the principal subsidiary of MGIC Investment Corporation, is the nation's largest private mortgage insurer as measured by $166.7 billion primary insurance in force covering 1.0 million mortgages as of June 30, 2012. MGIC serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.
Radian Group Inc. provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. The company recently reported that new mortgage insurance written grew to $8.3 billion during the quarter, compared to $6.5 billion in the first quarter of 2012 and $2.3 billion in the prior-year quarter.
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Topic: MTG - MGIC Investment Corporation - NYSE (Read 7195 times)
