Insurance News

Posts Tagged ‘Mortgage

Private mortgage insurers have stepped up their rejections of claims on defaulted loans, compounding the pain that banks and other lenders have felt from the housing crisis.

In the second and third quarters, insurers denied 20% to 25% of claims, up from a historic rate of 7%, according to Moody’s Investors Service Inc. Though the insured party is usually Fannie Mae or Freddie Mac, lenders that do business with the government-sponsored enterprises Read the rest of this entry »

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NEW YORK (Reuters) – Defaults on privately insured U.S. mortgages fell to a six-month low in April, providing evidence that deterioration in the nation’s housing market may be slowing.

A trade group, Mortgage Insurance Companies of America, on Friday said 81,171 insured borrowers were at least 60 days late on payments, often a precursor to foreclosure, in April. That is down 3 percent from March and down 24 percent from a record 106,482 Read the rest of this entry »

NEW YORK, May 27 (Reuters) – U.S. mortgage insurers remain on track for a difficult second half with operating results across the sector likely to be a lot weaker than expected, Standard & Poor’s said on Wednesday.

The agency downgraded the sector in April, cutting some companies’ ratings by several notches, citing an expected spike in the jobless rate and rise in delinquent loans.

With delinquencies running at a higher-than-expected Read the rest of this entry »

What are my options?

As the fall-out from the credit crunch and tightening job market continues to impact our daily lives, many of us are facing very difficult questions. Unfortunately, tighter economic times usually create more stress on our personal lives. A sudden change in earnings can drastically weigh on our mind and cause added strain and stress to a relationship often times leading to separation or divorce.

1.What are my Read the rest of this entry »

WASHINGTON, (Reuters) – Federal Housing bridging finance Agency chief James Lockhart said on Thursday U.S. mortgage insurance companies remain an important part of the national housing finance system.

“They’re very important,” Lockhart said, speaking about the insurance companies that underwrite a share of most loans for Fannie Mae and Freddie Mac. “I’m a strong believer in the private market. The idea of some risk sharing with the private market Read the rest of this entry »

The volatility roiling the residential real estate market and the economy in general may impact the commercial mortgage markets, according to several industry sources.

But reverberations for insurance companies should be minor, they said.

The International Council of Shopping Centers, New York, at a Jan. 15 press conference noted there were 150,000 store closings in 2008, and that number was likely to be matched in 2009.

Read the rest of this entry »

Jan. 6 (Bloomberg) — The Federal Reserve didn’t purchase mortgage-backed securities to add reserves to the banking system for the first time since it began a weekly lending program in March during the heart of the credit crisis.

The Fed had arranged the temporary 28-day repurchase agreements, or repos, every week since the so-called Single- Tranche OMO Program was announced on March 7. Central bankers had sought to help bond dealers Read the rest of this entry »