NU Online News Service, March 5, 3:24 p.m. EST
The mortgage-insurance sector is expected to continue to report operating losses well into 2013, as losses on legacy books of business will likely outweigh the profitability generated from more recent business written since 2008, according to Standard & Poor's.
S&P says that continued economy-related struggles caused the mortgage-insurance sector to report operating losses in 2011. “Last year, we believed mortgage insurers had the potential to begin reporting operating profits by the end of 2012,” S&P says. “However, the lackluster economic recovery, highlighted by sluggish payroll employment growth and the poor housing market, led to ongoing high levels of new notices of delinquencies (NODs) while preventing greater improvement in cure activity.”
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