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Australia's Genworth says Westpac scraps mortgage insurance deal, sees profit hit

Genworth Mortgage Insurance Australia Ltd said Westpac Banking Corp, the country's second-biggest lender, has cancelled a sales agreement after a review of its riskier loans, a move that will hit the insurer's 2016 earnings. The Australian affiliate of United States Genworth Financial Inc said on Tuesday Westpac gave the company 90 days' notice that it was ending the sales accord. The …

FHA Lowering Premiums Puts Pressure on Private Mortgage Insurers

Private mortgage insurers in the United States may have to cut premiums to better compete with the Federal Housing Administration, which plans to reduce premiums in the government’s latest attempt to encourage first-time homebuyers. Companies such as MGIC Investment Corp. … The article FHA Lowering Premiums Puts Pressure on Private Mortgage Insurers appeared first on Insurance Journal .