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Mortgage insurers PMI and Genworth Financial are braced for a slowdown in business, reported The Australian today.
Genworth chief executive Peter Hall said that the group had typically insured around 6,000 mortgages a week, but expected to see volumes closer to the 5,000 a week mark.
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“You do find, depending on the data coming out in the marketplace, that the market is starting to slow and we are obviously moving back more towards the 5,000 [a week].”
PMI’s chief executive Ian Graham supported Mr Hall: “In terms of any new business activity, certainly activity has slowed – and will probably be flat most of this year – and that’s what lenders will experience.”
Published: 17-06-08
