Private mortgage insurers start new trade group
Dedicate themselves to the return of private capital
Executives from private mortgage insurers Arch MI, Essent, Genworth Financial, MGIC (MGIC), National MI and Radian (RDN) are launching a new trade association dedicated to a private-funded housing finance system.
The United States Mortgage Insurers will be backed by private capital that "enables access to housing finance for borrowers while protecting taxpayers," the executives said in an email.
The new organization will be officially launched on March 10, with details provided during a conference call.
Here are those executives who will make the announcement on Monday.
· Teresa Bryce Bazemore — President, Radian Guaranty
· David Gansberg — President and CEO, Arch MI
· Rohit Gupta — President and CEO, U.S. Mortgage Insurance at Genworth Financial
· Adolfo Marzol — Executive Vice Chairman, Essent
· Patrick Mathis — Executive Vice President, Chief Risk Officer, NMI
· Patrick Sinks — President and Chief Operating Officer, MGIC