First Guaranty is said to be shutting down one or more lending divisions, according to sources. The info comes on the back of several high-level departures at the company. One source confirmed that the company’s Wholesale division shut earlier this week.
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One of the 10 largest shareholders of Home Loan Servicing Solutions, Mangrove Partners, is following through on its threat to replace HLSS’ board of directors in an effort to force the company to end its relationship with Ocwen Financial.
The government-sponsored enterprise said the settlement would terminate insurance policies that guarantee the payment of principal and interest on mortgage-backed securities it holds that were issued or serviced by ResCap.
Mortgage insurer Radian Guaranty [stock RDN] [/stock] managed to commute $827 million in reinsurance exposure as the firm continues to work on its risk-to-capital position.The company…
Financial Guaranty Insurance Co. says a New York regulator is trying to take it over to supervise the insurer’s bond business. Benjamin Lawsky, superintendent of the…
Losses on insurance contracts covering mortgage bonds continue to spawn billion-dollar legal battles in U.S. courts. Bond insurer Financial Guaranty Insurance Co. is the latest participant, filing…
PMI Mortgage Insurance Co., the primary subsidiary for the PMI Group, Inc. [stock PMI][/stock], announced Friday that it sold its equity ownership in Financial Guaranty Insurance Company Corporation (FGIC). PMI had owned a total of 42% of FGIC. Head of Investor Relations, Bill Horning, said PMI wrote the investment down to zero, with no positive or negative financial obligations to FGIC, by Dec. 31, 2008. He did not comment on why the sale did not take place sooner than 2010.
A look at stories across HousingWire’s weekend desk…with more coverage to come on bigger issues: The eyes of mortgage investors will be on earnings reports from the government-sponsored enterprises (GSEs) this week, according to Yahoo Finance, although this information could not be confirmed with GSE spokespeople before market open.
Standard & Poor’s Ratings Services decided this week to reignite mortgage market worries surrounding monoline bond insurers, downgrading two AAA behemoths in MBIA Inc. [stock MBI][/stock] and Ambac Financial Corp. [stock ABK][/stock].
The PMI Group, Inc. [stock PMI][/stock] said Monday morning that it lost $274 million, or $3.37/share, during the first quarter as its mortgage insurance operations in the U.S. continued to reel from increasing borrower defaults and rising loss severity. The first quarter loss compares to earnings of $102 million, or $1.16/share, in the year-ago period.
The PMI Group, Inc., who had delayed its full-year and fourth quarter earnings while waiting for financials from subsidiary FGIC Corp., said Monday that it lost $1.0 billion in the fourth quarter of last year. Driving the quarterly loss at PMI was a $776.1 million drag on earnings in the form of FGIC, which itself posted a $1.89 billion Q4 net loss earlier on Monday.
While its formal earnings report won’t be available until next week, mortgage insurer the PMI Group, Inc. said earlier this week that its U.S. mortgage insurance operations lost $236 million during the fourth quarter of 2007, compared to earning of $77.2 million in the year-ago period. The fourth quarter loss pushed PMI into the red for the full year, with the company recording a net loss of $190.8 million for all of 2007.