MGIC Investment Corp. reported that total revenues for 2Q05 were $395 million, down 2% from 2Q04's $403.1 million, resulting from a 5.9% decrease in net premiums earned. Net premiums written for the quarter were $309.2 million, compared with $319.1 million in the second quarter last year, a 3.1% decrease. New insurance written in 2Q05 was $16.6 billion, versus $16.1 billion in 2Q04. New insurance written for the quarter included $6.2 billion of bulk business, compared to $2.9 billion in the same period last year. New insurance written for the first six months of 2005 totaled $28 billion, down from the $29.1 billion in the first half of 2004. The declines in new insurance were blamed on "attractive interest rates and strong home price appreciation [that] continue to negatively impact insurance in force and associated revenues," according to a company release.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22 -
Price guidance was not available on the series 2024-1, the database notes that the series 2024-2 class A notes are expected to price between 63 and 65 basis points over the three-month interpolated yield curve.
April 22 -
But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
April 22 -
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
April 19 -
With a high proportion of fixed-rate, interest-only underlying loans, the notes have almost no amortization, and three CRE loans have standalone, investment-grade opinions.
April 19 -
The fixed-rate loans are divided into three sub-pools that relied on rating methods from the RMBS, CMBS and ABS sectors to assess their risks.
April 18