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August 7, 2014
08:21 EDTFMCCFreddie Mac reports Q2 net income $1.4B vs. $4.0B in Q1
Reports Q2 comprehensive income $1.9B, compared to $4.5B in Q1. Q2 financial results were primarily driven by credit cycle recovery items, including lower income from legal settlements on private-label securities of $0.4B versus $4.5B in Q1 and a shift to credit provision income of $0.6B from credit provision expense of $0.1B in Q1. Delinquency rates remained below industry benchmarks, with a single-family serious delinquency rate of 2.07% compared to 2.79% at June 30, 2013 and a multifamily delinquency rate of 0.02% in Q2.
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April 17, 2015
16:40 EDTFMCCEssent Group says well positioned under PMIERs
Essent Group (ESNT) reported that the Federal Housing Finance Agency publicly released the final Private Mortgage Insurer Eligibility Requirements. The PMIERs represent the standards by which private mortgage insurers are eligible to provide mortgage insurance on loans owned or guaranteed by Fannie Mae (FNMA) and Freddie Mac (FMCC), and are designed to ensure that approved mortgage insurers maintain sufficient, high-quality assets to pay claims in a stressful environment. As of March 31, Essent had sufficient assets in its insurance companies to meet the total risk-based required asset amount of the final PMIERs as published. “We have been very supportive of the risk-based capital framework underlying the PMIERs and strongly believe that sound standards which are transparent and consistently enforced strengthen our industry,” said Mark Casale, Chairman and CEO. “Now that they are final, the PMIERs will serve as an important set of national standards that give industry counterparties more transparency into the claims paying capacity of private mortgage insurance companies, including Essent.” “Based in part on Essent’s strong capital levels and the exceptional credit quality of our portfolio,” Casale added, “we believe that Essent is well positioned under the PMIERs to continue to serve the growing demand for private mortgage insurance.”
16:16 EDTFMCCFreddie Mac says revised eligibility standards to promote counterparty strength
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