Surety & Title Insurance
(MBI) MBIA Incorporated Reports Smaller Loss
MBIA Inc.’s (MBI) fourth quarter operating loss of $1.16 per share was a penny more than the Zacks Consensus Estimate of a loss of $1.15. The company had reported a loss of $5.21 per share in the prior-year quarter. Results were dragged down by losses on MBIA’s coverage...
3Mar2010 | vitalstocks | 0 comments | Continued(MTG) MGIC Investment Corporation Sees Rating Action
Last week, rating agency Fitch withdrew its long-term issuer rating “B-“ of MGIC Investment Corp. (MTG) along with withdrawing the “BB-“ insurer financial strength rating of its subsidiary, Mortgage Guaranty Investment Corp. The rating agency also pulled back the rating...
19Jan2010 | vitalstocks | 0 comments | Continued(ABK) Ambac Financial Group Sues Credit Suisse
Ambac Assurance Corp, a unit of Ambac Financial Group Inc. (ABK) has sued Credit Suisse Group (CS), alleging the company misrepresented the risks of mortgage-backed securities in a deal Ambac insured in 2007. Ambac claimed that many of the loans involved were fraudulent, based...
14Jan2010 | vitalstocks | 0 comments | Continued(MBI) MBIA Downgraded to Underperform
We are downgrading our recommendation on the shares of MBIA Inc. (MBI) to Underperform as macroeconomic conditions continue to contribute to losses on the group’s structured finance products. MBIA insures mortgage-backed securities backed by subprime mortgages. MBIA also has...
13Jan2010 | vitalstocks | 0 comments | Continued(MBI) MBIA Incorporated – Bear of the Day
We are downgrading our recommendation on the shares of MBIA Inc. (MBI) to Underperform as macroeconomic conditions continue to contribute to losses on the company’s structured finance products. MBIA’s third quarter results missed the Zacks Consensus Estimate abysmally....
13Jan2010 | vitalstocks | 0 comments | Continued(PMI) PMI Group Sells Entire Investment in RAM Holdings
PMI Mortgage Insurance Co., a division of PMI Group Inc. (PMI), said on Thursday that it has sold its entire investment in RAM Holdings Ltd. (RAMR), the holding company for RAM Reinsurance Ltd. PMI had impaired its investment in RAM Holdings in 2008 and reduced the carrying value...
28Dec2009 | vitalstocks | 0 comments | Continued(ORI) Standard & Poor’s Ratings Services Downgrades 5 Mortgage Insurers
Standard & Poor’s Ratings Services downgraded credit ratings of five U.S. mortgage insurers on Tuesday as losses of these mortgage insurers were bigger than S&P’s expectations. The rating agency also expects that unemployment will continue to rise through the...
23Dec2009 | vitalstocks | 0 comments | Continued(ABK) Ambac Financial Group Falls Below NYSE Standards
Ambac Financial Group (ABK) yesterday announced that it has received notice from New York Stock Exchange (NYSE) that the company has breached the exchange’s listing standard with regard to its share price. The NYSE requires companies to maintain an average closing price of...
10Dec2009 | vitalstocks | 0 comments | Continued(ABK) Ambac Financial Group Faces Liquidity Crunch
In its quarterly filing on Monday, Ambac Financial Group (ABK) revealed that it is facing liquidity constraints. At the end of the third quarter of 2009, the company’s liquidity consisted of $164.7 million of cash, short term investments and bonds. Management is unsure whether...
14Nov2009 | vitalstocks | 0 comments | Continued(MBI) MBIA Incorporated Misses Earnings Estimates
MBIA Incorporated’s (MBI) third quarter operating loss of $3.50 per share substantially missed the Zacks Consensus Estimate of a loss of 99 cents per share. Last year, the company had reported a loss of $3.42 per share. Results were negatively affected by a continued deterioration...
11Nov2009 | vitalstocks | 0 comments | Continued(PMI) PMI Group’s Loss Lowers
PMI Group, Inc.’s (PMI) third quarter loss from continuing operations came in at $1.06 per share, much better than the Zacks Consensus estimated loss of $1.38. This was also better than the loss from continuing operations of $1.83 in the prior-year quarter. Loss was primarily...
9Nov2009 | vitalstocks | 0 comments | Continued(ABK) Ambac Financial Group’s Loss is Wider than Expected
Ambac Financial Group’s (ABK) third-quarter loss of $2.35 per share was wider than the Zacks Consensus Estimate of a loss of $1.22 per share. Last year, the company had reported a loss of $7.81 per share. Losses were driven by higher loss expenses in its Residential Mortgage...
8Nov2009 | vitalstocks | 0 comments | Continued(MTG) MGIC Investment Corporation Reports Ugly Loss
MGIC Investment Corp.’s (MTG) third-quarter loss of $4.44 per share was wider than the Zacks Consensus Estimate of a loss of $1.64 per share. Last year, the company had reported a loss of $1.06 per share. Increasing delinquent inventory and consequently higher incurred losses...
2Nov2009 | vitalstocks | 0 comments | Continued(MTG) MGIC Investment Corporation’s Earnings Preview
MGIC Investment Corporation (MTG) is expected to release third quarter results on Oct 15. The Zacks Consensus Estimate for the company is a loss of $1.64 per share. The company’s financial results have been adversely impacted by increased delinquencies, which are occurring...
16Oct2009 | vitalstocks | 0 comments | Continued(MBI) MBIA Incorporated Slashed Sub-Investment Grade
Note: We are re-issuing this post after correcting a mistake in the original post that ran yesterday. As a result of another sign of dwindling confidence about MBIA Incorporated’s (MBI) business prospects, Standard & Poor’s (S&P) has downgraded its ratings on...
3Oct2009 | vitalstocks | 0 comments | Continued(PMI) More Flexibility for Mortgage Insurers
PMI Mortgage Insurance Co. (PMI) said on Tuesday that a regulatory legislation passed in Arizona will bring additional flexibility to mortgage-insurance firms. The new legislation could provide regulatory relief to these companies by granting Arizona’s Department of Insurance...
9Sep2009 | vitalstocks | 0 comments | Continued(PMI) Is the yield curve indicating better tidings?
While the deflation/inflation debate rages on, the jump in US government bond yield (and stronger commodities and weaker US dollar) seems to indicate that deflationary pressures are moderating. The chart of the US 10-year Treasury Note yield shows a clear uptrend since the end...
21Jul2009 | prieur | 0 comments | Continued(MTG) Financials – Industry Outlook
Even though some financial institutions are ready, willing and able to return the funds received through the Troubled-Asset Relief Program (TARP), the sticking point remains what the government is willing to accept and what the financial institutions are willing to pay for the...
10Jun2009 | vitalstocks | 0 comments | Continued(MTG) Financials – Zacks Analyst Interviews
Even though some financial institutions are ready, willing and able to return the funds received through the Troubled-Asset Relief Program (TARP), the sticking point remains what the government is willing to accept and what the financial institutions are willing to pay for the...
10Jun2009 | vitalstocks | 0 comments | Continued