Tag: mortgage insurance news

Mortgage insurance sector sees improvements from housing market growth

G. Turner
housing market insurance jobs

This sector of the industry is experiencing considerable benefits from the steady increase in real estate activity. Radian Group and MGIC Investment have experienced a boost this year as the data that supports the recovery for the American housing market continues to be collected, and is indicating that the mortgage insurance sector of the industry is experiencing measurable improvements. Two important reports were issued last week that show that home prices and sales in the U.S. are improving. The report entitled Research Driven Investing looked more deeply into the various…

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American housing market shows first signs of rebounding benefiting insurers

To the benefit of many insurance companies, the housing market in the United States is beginning to show some signs of recovery as mortgage companies begin their reappearance. New home loan guarantor, NMI Holdings, has just announced its hiring of the FBR & Co. investment bank in order to help in the raising of $550 million following the collapse of three of its competitors that were taken down by record homeowner defaults. Only one out of those three competitors remains anywhere above credits at a junk grade. Equally, Essent Guaranty…

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Fannie Mae takes charge on forced-place insurance, announces changing of rules

Nordstrom

The issue of force-placed insurance has been thrust into the limelight this week by the Federal National Mortgage Association, more commonly known as Fannie Mae. Forced-placed insurance is a practice that some insurance companies and banks utilize to force homeowners to purchase expensive insurance policies. In New York, insurance regulators have been investigating the issue in the local industry. Spurred by state, federal and consumer attention, Fannie Mae has announced that it will be changing the rules concerning forced-placed insurance. For one, the government-sponsored enterprise will be overseeing forced-placed policies…

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PMI Group files for chapter 11 bankruptcy protection

S.Vagus

Mortgage insurer PMI Group Inc. has filed for bankruptcy this week. The surprise move comes after Arizona insurance regulators seized control of the company amidst allegations of fraud and malpractice. The insurer sought to overturn the actions of regulators through the court system, but and Arizona judged rejected the company’s claims. The California company, whose mortgage insurance unit is housed in Arizona, is now seeking protection through bankruptcy. The company has listed a scant $225 million in assets, with more than $700 million in debt. PMI is one of the…

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Regulators seize control of Arizona’s PMI mortgage insurance branch

Nordstrom

Arizona insurance regulators have seized control of a subsidiary of PMI Group, an international private mortgage insurance company. The seizure comes as the latest development in the ongoing struggle between regulatory authorities and the insurers involved in the 2008 mortgage crisis, which was a major factor in the recent economic recession. According to the Arizona Superior Court, regulators have full control of the company and will begin refunding 50% of claims beginning this week. PMI is the second mortgage insurer to be subject to such action in the U.S. When…

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