Count down to GREBB day.
MTG finally confirming something that many here believe is happening.
I am taking a paragraph from the Dec qtr earnings release and the same paragraph from the Sept qtr release. I think they speak for themselves:
Sept 05 quarter
At September 30, 2005, the percentage of loans that were delinquent, excluding bulk loans, was 3.95 percent,
compared with 3.99 percent at December 31, 2004, and 3.80 percent at September 30, 2004. Including bulk loans, the
percentage of loans that were delinquent at September 30, 2005 was 5.95 percent, compared to 6.05 percent at
December 31, 2004, and 5.80 percent at September 30, 2004.
Dec 05 quarter
The delinquency inventory rose to 85,788 at year end 2005 of which the company estimates 5,300 delinquencies are the result of Hurricanes Katrina, Rita and Wilma. At December 31, 2005, the percentage of loans that were delinquent, excluding bulk loans, was 4.52 percent, compared with 3.99 percent at December 31, 2004, and 3.76 percent at December 31, 2003. Including bulk loans, the percentage of loans that were delinquent at December 31, 2005 was 6.58 percent, compared to 6.05 percent at December 31, 2004, and 5.57 percent at December 31, 2003.
Persistency remains high, which means the policies are just heading into the high risk years.
Here is the full report.
phx.corporate-ir.net |
