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Stock Market & Financial Investment News

News Breaks
August 30, 2013
08:57 EDTMTG, RDN, FMCCRadian rises after striking deal with Freddie Mac
Shares of Radian Group (RDN) are trading higher in the pre-market session after its mortgage insurance subsidiary, Radian Guaranty, announced an agreement with Freddie Mac (FMCC) regarding a group of delinquent mortgage loans held by Freddie Mac that were insured by the Radian unit. WHAT'S NOTABLE: The agreement, which covers 25,760 first-lien mortgage loans that were delinquent as of December 31, 2011, caps Radian Guaranty’s total exposure on this group of loans to $840M. Radian Guaranty paid approximately $255M to Freddie Mac to cover claim exposure on these loans, and had previously paid $370M of claims on these loans. Radian said it expects to record an incurred loss of approximately $20M in its fiscal third quarter in connection with the deal. PRICE ACTION: Shares of Radian were up nearly 7% to trade above $14 in the pre-market session. OTHER'S TO WATCH: MGIC Investment (MTG), which is also a private mortgage insurer, was up nearly 4% in pre-market trading.
News For RDN;MTG;FMCC From The Last 14 Days
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April 24, 2015
10:22 EDTMTGOptions with decreasing implied volatility
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April 21, 2015
09:22 EDTMTGOn The Fly: Pre-market Movers
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07:04 EDTMTGMGIC Investment reports Q1 EPS 32c, consensus 21c
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April 20, 2015
15:37 EDTMTGNotable companies reporting before tomorrow's open
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10:00 EDTMTGOn The Fly: Analyst Upgrade Summary
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06:30 EDTMTGMGIC Investment upgraded to Neutral from Underperform at Credit Suisse
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April 17, 2015
18:09 EDTRDNRadian Group announces ability to comply with final PMIERs
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17:08 EDTMTGMGIC Investment expects MGIC to be in compliance with PMIERs
We expect that Mortgage Guaranty Insurance Company, which is the principal subsidiary of MGIC Investment Corporation, will be in compliance with the PMIERs, including their revised financial requirements, when they become effective. We estimate that as of March 31, MGIC's Available Assets are approximately $5.12B and its Minimum Required Assets are approximately $5.35B, resulting in a shortfall of approximately $230M. Our shortfall estimates are based on our interpretation of the PMIERS and assume that the risk in force and assets of MGIC's MIC subsidiary will be repatriated to MGIC. Our shortfall estimates do not include any benefits from MGIC's existing reinsurance transaction or the anticipated restructure of the existing reinsurance transaction, capital contributions from MTG to MGIC, or the transfer of other assets from regulated insurance affiliates of MGIC that subject to regulatory approval could increase the Available Assets of MGIC. As we have previously disclosed, we would not have received full credit under the PMIERs for our existing reinsurance transaction. Therefore, we have reached agreement to restructure that transaction in a way that we believe will result in MGIC receiving the maximum benefit under the PMIERs. The effectiveness of this restructured transaction will be subject to approval by the Wisconsin Office of the Commissioner of Insurance and the GSEs. In addition, in April, we received regulatory approval to transfer $45M of assets from regulated insurance affiliates of MGIC that will increase the Available Assets of MGIC. Furthermore, we believe a portion of MTG's $491M of cash and investments at December 31, 2014, may be available for future contribution to MGIC.
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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