Radian (RDN), MGIC (MTG) Shares Pop as Q1 Delinquency Data Improves
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Shares of Radian Group (NYSE: RDN) and MGIC Investment (NYSE: MTG) are on the move Friday following some positive news from the FHFA earlier.
According the agency, early stage, serious mortgage delinquency rates fell in the first quarter as overall performance in the segment improved.
Data showed loans which were delinquent for 30 to 59 days totaled 497,000 last quarter, down from 612,000 in the fourth quarter of 2011. Mortgages that were 60 days or more in delinquency slipped from 1.3 million in the fourth quarter to 1.2 million.
The FHFA also noted third-party foreclosure sales dipped by about 1,000 units to 79,000.
REO Inventory fell from 179,000 to 173,000.
Home Affordable Modification Program (HAMP) trial modifications rose 2.6 percent to 960,922. Of the total, active permanent modifications jumped 3.5 percent to 413,855.
FHFA also noted "[t]he performance of modified loans remains strong. Fewer than 15 percent of loans modified in the second quarter of 2011 had missed two or more payments, nine months after modification."
For a link to the complete FHFA report, click here.
According the agency, early stage, serious mortgage delinquency rates fell in the first quarter as overall performance in the segment improved.
Data showed loans which were delinquent for 30 to 59 days totaled 497,000 last quarter, down from 612,000 in the fourth quarter of 2011. Mortgages that were 60 days or more in delinquency slipped from 1.3 million in the fourth quarter to 1.2 million.
The FHFA also noted third-party foreclosure sales dipped by about 1,000 units to 79,000.
REO Inventory fell from 179,000 to 173,000.
Home Affordable Modification Program (HAMP) trial modifications rose 2.6 percent to 960,922. Of the total, active permanent modifications jumped 3.5 percent to 413,855.
FHFA also noted "[t]he performance of modified loans remains strong. Fewer than 15 percent of loans modified in the second quarter of 2011 had missed two or more payments, nine months after modification."
For a link to the complete FHFA report, click here.
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