This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mortgage Insurers Spent $670K Lobbying In 2Q

WASHINGTON (AP) ¿ The trade group for mortgage insurers spent $670,000 lobbying in the second quarter as it pressed for aid from the federal government, according to a recent disclosure form.

Members of the Mortgage Insurance Companies of America have been pushing for financial rescue money from the Treasury Department. The industry says it doesn't need the money to survive the housing bust, but says federal aid would allow it to back more loans and contribute to the housing recovery.

Mortgage insurance is typically required for borrowers who are unable to afford a 20 percent down payment. The industry has suffered mounting losses as mortgage defaults skyrocketed over the past two years leading to a spike in claims.

This year, losses are shifting from borrowers with poor credit records to a wider swath of borrowers as layoffs grow.

Members of the mortgage insurance group include: American International Group Inc.'s AIG United Guaranty, Triad Guaranty Inc., PMI Group Inc., MGIC Investment Corp., Genworth Financial Inc. and Old Republic International Corp.

The trade group also lobbied on predatory lending legislation and a bill signed by President Barack Obama in May that attempts to revamp the "Hope for Homeowners" program, a refinancing effort launched by the government last fall that has fallen flat so far.

Besides lawmakers, the trade group lobbied the Federal Housing Finance Board, according to a July 20 filing with the Senate's public records office. The trade group has spent $885,000 on lobbying so far this year.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
GNW $7.93 1.93%
MTG $10.75 -0.83%
ORI $15.45 0.00%
AAPL $132.54 0.88%
FB $80.54 0.07%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs