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(PMI) European Central Bank Tries Quenching Thirsty Banks

vitalstocks — Sat, 24 Dec 2011 16:27:38 +0000

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 has been facing severe liquidity constraints in the wake of [...]

(PMI) European Central Bank Tries Quenching Thirsty Banks

(PMI) PMI Group Incorporated – Bear of the Day

vitalstocks — Mon, 22 Aug 2011 14:43:15 +0000

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 allowances, lower premiums earned and shrunken investment income will continue to pressure PMI’s earnings. While [...]

(PMI) PMI Group Incorporated – Bear of the Day

(PMI) U.S. Manufacturing Outlook Not That Bad

vitalstocks — Fri, 01 Jul 2011 16:36:35 +0000

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 for the quarter. And today’s ISM [...]

(PMI) U.S. Manufacturing Outlook Not That Bad

(MTG) MTG Investment Corporation Downgraded to Neutral

vitalstocks — Wed, 29 Jun 2011 17:00:20 +0000

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 couple of years, MGIC has been hit hard by the deterioration in mortgage [...]

(MTG) MTG Investment Corporation Downgraded to Neutral

(PMI) PMI Group Incorporated – Bear of the Day

vitalstocks — Thu, 05 May 2011 13:55:34 +0000

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 operations, increased valuation allowances and lower premiums earned. The company is also effectively lowering delinquency [...]

(PMI) PMI Group Incorporated – Bear of the Day

(PMI) PMI Group Analyst Downgrades Shares to Underperform

vitalstocks — Fri, 18 Feb 2011 16:40:57 +0000

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 earnings. PMI Group’s default inventory and default rate increased significantly in 2009 to 2010 due to delinquencies [...]

(PMI) PMI Group Analyst Downgrades Shares to Underperform

(ABK) Ambac Financial Group Plunges on Wider Loss

vitalstocks — Mon, 24 May 2010 21:46:43 +0000

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 reported adjusted net income of $195.0 million in [...]

(ABK) Ambac Financial Group Plunges on Wider Loss

(ABK) Ambac Financial Group Reverses Loss

vitalstocks — Tue, 13 Apr 2010 21:49:25 +0000

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 premiums earned from the Financial Guarantee segment declined 19% [...]

(ABK) Ambac Financial Group Reverses Loss

(ABK) Ambac Financial Group Sees Moody’s Rating Cut

vitalstocks — Tue, 30 Mar 2010 14:25:57 +0000

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 Ambac Assurance Corporation (AAC) has been hit by regulators, who have taken up the [...]

(ABK) Ambac Financial Group Sees Moody’s Rating Cut

(ABK) Ambac Financial Group Unit Faces Standard & Poor’s Downgrades

vitalstocks — Mon, 29 Mar 2010 17:18:01 +0000

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) regarding the rehabilitation of AAC liabilities. The OCI yesterday ordered AAC to create a segregated [...]

(ABK) Ambac Financial Group Unit Faces Standard & Poor’s Downgrades

(PMI) PMI Group Wins Freddie Mac Approval

vitalstocks — Fri, 26 Mar 2010 00:18:30 +0000

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 in some states. The approval gives PMAC the right to sell insurance in states where PMI’s current mortgage operation [...]

(PMI) PMI Group Wins Freddie Mac Approval

(MBI) MBIA Incorporated Reports Smaller Loss

vitalstocks — Wed, 03 Mar 2010 23:19:46 +0000

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 of mortgage-related securities and complex investments, which weighed [...]

(MBI) MBIA Incorporated Reports Smaller Loss

(MTG) MGIC Investment Corporation Sees Rating Action

vitalstocks — Wed, 20 Jan 2010 00:13:02 +0000

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 on MGIC’s senior notes and convertible junior subordinated debentures. Back in July, Fitch had downgraded [...]

(MTG) MGIC Investment Corporation Sees Rating Action

(ABK) Ambac Financial Group Sues Credit Suisse

vitalstocks — Thu, 14 Jan 2010 22:27:30 +0000

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 on misstatements of income or occupancy. Ambac increased its estimate of [...]

(ABK) Ambac Financial Group Sues Credit Suisse

(MBI) MBIA Downgraded to Underperform

vitalstocks — Thu, 14 Jan 2010 00:52:59 +0000

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 an indirect exposure to subprime mortgages that are included in collateralized debt obligations (CDOs), in which [...]

(MBI) MBIA Downgraded to Underperform

(MBI) MBIA Incorporated – Bear of the Day

vitalstocks — Wed, 13 Jan 2010 17:46:59 +0000

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. Results were dragged down by higher losses on MBI’s coverage of mortgage-related securities and complex investments, which [...]

(MBI) MBIA Incorporated – Bear of the Day

(PMI) PMI Group Sells Entire Investment in RAM Holdings

vitalstocks — Tue, 29 Dec 2009 01:12:21 +0000

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 of the investment to zero. The proceeds [...]

(PMI) PMI Group Sells Entire Investment in RAM Holdings

(ORI) Standard & Poor’s Ratings Services Downgrades 5 Mortgage Insurers

vitalstocks — Wed, 23 Dec 2009 16:48:27 +0000

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 second quarter of 2010 and this will further weigh on the mortgage insurers. Currently, the outlook [...]

(ORI) Standard & Poor’s Ratings Services Downgrades 5 Mortgage Insurers

(ABK) Ambac Financial Group Falls Below NYSE Standards

vitalstocks — Thu, 10 Dec 2009 21:51:36 +0000

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 at least $1 over 30 days. However, Ambac fell short of this [...]

(ABK) Ambac Financial Group Falls Below NYSE Standards

(ABK) Ambac Financial Group Faces Liquidity Crunch

vitalstocks — Sat, 14 Nov 2009 23:49:18 +0000

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 this will be sufficient for its liquidity needs through the second [...]

(ABK) Ambac Financial Group Faces Liquidity Crunch

(MBI) MBIA Incorporated Misses Earnings Estimates

vitalstocks — Wed, 11 Nov 2009 21:19:00 +0000

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 in the performance of the company’s insured second-lien residential mortgage [...]

(MBI) MBIA Incorporated Misses Earnings Estimates

(PMI) PMI Group’s Loss Lowers

vitalstocks — Mon, 09 Nov 2009 23:28:06 +0000

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 driven by continued high losses and loss adjustment expenses (LAE) [...]

(PMI) PMI Group’s Loss Lowers

(ABK) Ambac Financial Group’s Loss is Wider than Expected

vitalstocks — Mon, 09 Nov 2009 02:28:53 +0000

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 Backed Securities [RMBS] insured portfolio. Revenues came in [...]

(ABK) Ambac Financial Group’s Loss is Wider than Expected

(MTG) MGIC Investment Corporation Reports Ugly Loss

vitalstocks — Tue, 03 Nov 2009 05:03:13 +0000

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 drained the results. The company’s loss stood at $971 million from [...]

(MTG) MGIC Investment Corporation Reports Ugly Loss

(MTG) MGIC Investment Corporation’s Earnings Preview

vitalstocks — Fri, 16 Oct 2009 21:34:32 +0000

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 due to a weakened economy Incorporatedreased unemployment and lower home prices. I t [...]

(MTG) MGIC Investment Corporation’s Earnings Preview

(MBI) MBIA Incorporated Slashed Sub-Investment Grade

vitalstocks — Sat, 03 Oct 2009 22:57:13 +0000

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 the parent company as well as its structured finance insurance arm, MBIA Insurance Corporation.Rating [...]

(MBI) MBIA Incorporated Slashed Sub-Investment Grade

(PMI) More Flexibility for Mortgage Insurers

vitalstocks — Wed, 09 Sep 2009 22:20:56 +0000

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 (DOI) discretionary authority over mortgage insurers if they do not meet the state’s required minimum policyholder position [...]

(PMI) More Flexibility for Mortgage Insurers

(PMI) Is the yield curve indicating better tidings?

prieur — Tue, 21 Jul 2009 20:13:54 +0000

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 of last year, with the yield also now trading above both [...]

(PMI) Is the yield curve indicating better tidings?

(MTG) Financials – Industry Outlook

vitalstocks — Wed, 10 Jun 2009 22:38:43 +0000

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 warrants attached to the preferred stock. While financial institutions have experienced a [...]

(MTG) Financials – Industry Outlook

(MTG) Financials – Zacks Analyst Interviews

vitalstocks — Wed, 10 Jun 2009 22:37:15 +0000

(MTG) Financials – Zacks Analyst Interviews