Mortgage Insurers Continue to Struggle to Recoup Losses
The Paragon Report Provides Equity Research on PMI Group & MGIC Investment Corp
NEW YORK, NY -- (Marketwire) -- 02/27/12 -- Mortgage Insurers continue to struggle to recoup their losses after the housing bubble burst and foreclosures soared, leaving them with large claims on unpaid home loans. Reuters reports that insurers have been attempting to meet capital adequacy benchmarks and have sought waivers to continue writing business in many states in the United States. The Paragon Report examines investing opportunities in the Property & Casualty Insurance Industry and provides equity research on PMI Group, Inc. (PINKSHEETS: PPMIQ) and MGIC Investment Corporation (NYSE: MTG). Access to the full company reports can be found at:
Data through January 2012, released by S&P Indices and Experian for the S&P/Experian Consumer Credit Default Indices, showed that default rates on first mortgages declined for the first time in five months in January, helping to contribute to an overall decline in U.S. consumer-credit defaults. In January, overall credit defaults declined to 2.16% from 2.24% in December. The first-mortgage defaults rate dropped to 2.08% from 2.19% a month earlier. Since first-mortgage loans are the largest of consumer loans, their default rates typically drive the combined rate, David M. Blitzer, managing director and chairman of the Index Committee for S&P Indices explains. Defaults on second mortgages eased to 1.3% from 1.33% and bank credit cards were down at 4.57% from 4.6%.
The Paragon Report provides investors with an excellent first step in their due diligence by providing daily trading ideas, and consolidating the public information available on them. For more investment research on the Property & Casualty Insurance industry register with us free at www.paragonreport.com and get exclusive access to our numerous stock reports and industry newsletters.
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance to the home mortgage lending industry. Earlier this month MGIC subsidiary, Mortgage Guaranty Insurance Corporation, issued an Operational Summary for the month of January 2012 for its primary mortgage insurance business. Primary New Insurance Written was $1.3B, Beginning Primary Delinquent Inventory was 175,639 loans, while Ending Primary Delinquent Inventory was 174,418 loans.
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