Surety & Title Insurance
(PMI) European Central Bank Tries Quenching Thirsty Banks
The European Central Bank (ECB) has been overwhelmed by the rush for cheap three-year loans. The demand for these loans has far exceeded expectations — a fact that underscores the difficult times the banking system is going through. A system whose raw material is money...
24Dec2011 | vitalstocks | 0 comments | Continued(PMI) PMI Group Incorporated – Bear of the Day
PMI Group Inc.’s (PMI) second-quarter operating loss was worse than the Zacks Consensus Estimate and widened year over year as the company continued to suffer mortgage losses. We expect losses and loss adjustment expenses from mortgage insurance operations, increased valuation...
22Aug2011 | vitalstocks | 0 comments | Continued(PMI) U.S. Manufacturing Outlook Not That Bad
The busy economic docket of this first day of July notwithstanding, Stocks may not do much today ahead of the July 4th weekend. But they have done plenty lately. In fact, the sharp gains in the last few days enabled the market to recoup earlier losses and effectively break-even...
1Jul2011 | vitalstocks | 0 comments | Continued(MTG) MTG Investment Corporation Downgraded to Neutral
We are downgrading our recommendation on the shares of MGIC Investment Corp. (MTG) to Neutral from Outperform, following the company’s first quarter 2011 results, which missed the earnings guidance due to higher paid losses, lower rescission and increased claims. For the past...
29Jun2011 | vitalstocks | 0 comments | Continued(PMI) PMI Group Incorporated – Bear of the Day
PMI Group Inc’s (PMI) fourth quarter operating loss widened from Zacks Consensus Estimate due to continued large losses and lower premiums earned partially offset by lower underwriting and operating expenses. We expect losses and loss adjustment expenses from mortgage insurance...
5May2011 | vitalstocks | 0 comments | Continued(PMI) PMI Group Analyst Downgrades Shares to Underperform
We have recently downgraded PMI Group Inc. (PMI) to Underperform, as we expect losses and loss adjustment expenses from mortgage insurance operations, increased valuation allowances, lower premiums earned and shrunken investment income will continue to pressure PMI Group’s...
18Feb2011 | vitalstocks | 0 comments | Continued(ABK) Ambac Financial Group Plunges on Wider Loss
Share price of Ambac Financial Group Inc. (ABK) plunged approximately 23.3% on Tuesday to close at $1.12 after the company reported its first quarter 2010 adjusted net loss of $0.68 per share, compared with adjusted net loss of $3.22 per share in the prior-year quarter. The company...
24May2010 | vitalstocks | 0 comments | Continued(ABK) Ambac Financial Group Reverses Loss
After the closing bell on Thursday, Ambac Financial Group (ABK) reported fourth quarter earnings of $1.93 per share. Last year, the company reported a loss of $8.14 per share. Earnings were aided by tax benefit of $472 million and $133.2 million gain on credit derivatives. Net...
13Apr2010 | vitalstocks | 0 comments | Continued(ABK) Ambac Financial Group Sees Moody’s Rating Cut
Last week, rating agency Moody’s cut Ambac Financial Group’s (ABK) debt rating to “C” from “Ca.” This move was fueled by Ambac’s announcement that it might seek bankruptcy protection if it is unsuccessful in restructuring its debt. The company’s main unit...
30Mar2010 | vitalstocks | 0 comments | Continued(ABK) Ambac Financial Group Unit Faces Standard & Poor’s Downgrades
Yesterday, the rating agency Standard & Poor’s slashed the rating of Ambac Assurance (“AAC”), a unit of Ambac Financial Group (ABK), to “R” from “CC.” This move was fueled by the announcement of the Officer of Commissioner of Insurance (OCI)...
29Mar2010 | vitalstocks | 0 comments | Continued(PMI) PMI Group Wins Freddie Mac Approval
California-based PMI Group Inc.’s (PMI) principal operating subsidiary PMI Mortgage Insurance Co. (“MIC”), announced yesterday that it has won approval from Freddie Mac (FRE) for PMI Mortgage Assurance Co., (“PMAC”) to directly sell mortgage guaranty insurance...
25Mar2010 | vitalstocks | 0 comments | Continued(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