I have a made a small fortune off the insurers. And this is excellent news for the banks.
Mortgage insurers jump on industry data
By Alistair Barr
SAN FRANCISCO (MarketWatch) -- Mortgage insurers jumped Wednesday, led by PMI Group /quotes/comstock/13*!pmi/quotes/nls/pmi (PMI 5.40, +0.86, +18.94%),after industry data showed a drop in home loan defaults in February. Mortgage Insurance Companies of America, an industry group, said there were 68,675 primary insurance defaults in February. That was down from 98,685 in January. So-called cures, which measure loan problems that have been resolved, were 80,758 in February, up from 61,195 the previous month, the industry group added. PMI shares jumped 21% to $5.49, while MGIC Investment /quotes/comstock/13*!mtg/quotes/nls/mtg (MTG 10.98, +0.85, +8.39%) , Radian Group /quotes/comstock/13*!rdn/quotes/nls/rdn (RDN 15.84, +1.23, +8.42%) and Genworth Financial /quotes/comstock/13*!gnw/quotes/nls/gnw (GNW 18.20, +0.75, +4.30%) gained more than 5% each.
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