Genworth Financial Announces Fourth Quarter 2020 Results
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RICHMOND, Va., Feb. 16, 2021 /PRNewswire/
Fourth Quarter Net Income Of $267 Million And Adjusted Operating Income Of $173 Million; 2020 Full Year Net Income Of $178 Million And Adjusted Operating Income Of $317 Million
U.S. Mortgage Insurance (MI) 2020 Full Year Adjusted Operating Income Of $381 Million; Record New Insurance Written (NIW)
U.S. MI s PMIERs
Annual U.S. GAAP Assumption Review Completed For U.S. Life Insurance:
Net Favorable Impacts Of $13 Million After-Tax In Long Term Care Insurance (LTC) And $10 Million After-Tax In Life Insurance
LTC Active Life U.S. GAAP Margins Of Approximately $0.5 To $1.0 Billion, Consistent With Prior Year
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National Foreclosure and Eviction Moratoria Extended
In late December 2020, prior to the change in Presidential administrations, the Department of Housing and Urban Development (HUD) announced an extension from December 31, 2020, to February 28, 2021, of its foreclosure and eviction moratoria for single-family FHA insured mortgages and REO properties due to the COVID-19 pandemic. This was the fourth extension of the FHA moratorium.
On January 19, 2021, one day before the change in Presidential administrations, the Federal Housing Financing Agency (FHFA), which regulates Governmental Sponsored Entities (GSEs) The Federal National Mortgage Association (Fannie-Mae) and The Federal Home Loan Mortgage Corporation (Freddie Mac), announced that it was extending the GSEs’ moratoria on single-family home foreclosures and real estate-owned evictions to February 28, 2021. This was the fifth extension of the GSEs’ foreclosure and eviction moratoria.
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