Trends in the business “suggest opportunity to return to profitability during 2013,” the Richmond, Virginia-based insurer said today in a presentation. The forecast assumes “no material global economic downturn,” the company said.
Chief Executive Officer Michael Fraizer is seeking to stem losses from mortgages that fueled a 75 percent decline in Genworth’s stock in the five years through yesterday. The firm said yesterday that Ray Romano, previously of Freddie Mac, was hired as chief risk officer of U.S. mortgage insurance and Dean Mitchell was promoted to chief financial officer of the unit.
The insurer has scheduled a two-hour webcast for today to discuss its U.S. mortgage business. Genworth also sells life insurance and does business in Canada and Australia.
Genworth’s mortgage-insurance segment’s operating loss narrowed to $94 million in the fourth quarter from $352 million a year earlier, the company said last week. The firm, which tightened underwriting standards after the housing-market collapse, is benefiting from an increase in mortgage refinancing and a shift from Federal Housing Administration coverage to private insurance, Genworth said. For the latest updates on the stock market, visit Stock Market Today
home equity 2013, home equity rate 2012-2013, home loans 2012, home loan mortgage rate predictions 2012-2013, home loans for bad credit For the latest updates PRESS CTR + D or visit Stock Market news Today
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