PMI Group and Radian Group Help to Stabilize Housing Market
October 11, 2011 08:16 ET
PMI Group and Radian Group Help to Stabilize Housing Market
The Bedford Report Provides Equity Research on PMI Group & Radian Group
NEW YORK, NY--(Marketwire - Oct 11, 2011) - 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. (
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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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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