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Go To A Standalone Provider For The Best Deal In UK Mortgage Insurance
When it comes to getting the best deal on UK mortgage insurance then there is only one way to go and that is by doing your homework, shopping around and going with a standalone payment protection provider. A standalone provider will in most cases be able to offer you the cheapest quote on your mortgage insurance along with providing a quality product that is suited to your particular needs.UK mortgage insurance - or mortgage payment protection insurance (MPPI) as it is also known - is taken out in case you should find yourself out of work through an accident, sickness or unemployment and the majority of policies will pay out for a period of up to 12-24 months once you have been out of work for a set period of time. While the payment protection insurance sector has recently been in the spotlight for all the wrong reasons with the emphasis being on the mis-selling of products along with extortionate premiums, it is a financial lifeline.Your mortgage repayments are probably the largest outgoing you have each month and while the majority of us don't like to think of the worst happening, it can and does.
Radian Reports Second Quarter Net Income of $21 Million
PHILADELPHIA, July 24 /PRNewswire-FirstCall/ -- Radian Group Inc. today reported net income for the quarter ended June 30, 2007, of $21.1 million and diluted net income per share of $0.26. "Our second quarter results clearly illustrate the credit challenges in today's mortgage market, but I believe they also reflect long-term positive trends for our business," said S.A. Ibrahim, Chief Executive Officer. "Market conditions, particularly in California and Florida, led to an increase in defaults that impacted our results." Mr. Ibrahim added, "The company experienced top-line growth, improved persistency and renewed demand for our traditional mortgage insurance product. Our balance sheet remains solid, with a highly rated investment portfolio of more than $6 billion and total loss reserves of more than $900 million.
Mortgage Corp net profit up 27%
The Mortgage Corporation recorded an unaudited profit after tax of $411.2 million in the first half of this year, up 27% over the same period last year. The annualised return on shareholders' equity was 15.4%. The net interest margin of the average interest-earning assets remained stable at 1.6%. Releasing its half-year financial results today, the corporation said it earned $1.15 billion from interest income, while incurring interest expense of $805.8 million on funding operations. The net interest income was $340.3 million. Other income rose 114.5% to $185.8 million. Major items included $52.4 million of net mortgage insurance premium earned, $40.6 million of exchange gain, $10.6 million of early prepayment fees arising from refinancing activities and $2.8 million of dividend income on investment securities, and the marked-to-market gain on change in fair value of financial instruments of $80.1 million. Property market improves With the improvement in the property market and pick-up in new loans underwritten, risk-in-force borne by the corporation rose from $2.9 billion at the end of 2006 to $3.2 billion as at June 30.
New Law Makes Mortgage Insurance Tax Deductible
Private mortgage insurance has always been an easy and predictable way for informed buyers to finance the purchase of their home. Now, it's also tax deductible, making it an even better choice in many cases. Mortgage insurance allows borrowers with a less than 20 percent down payment to purchase a home by providing lender coverage against borrower default. Savings for Families For many first-time homebuyers, the biggest hurdle is saving up for the down payment. In today's high-priced real estate markets, 20 percent can amount to a significant chunk of change. But don't give up. With private mortgage insurance, even if you've got a down payment of just 3 percent or less, you can still buy a home. This new tax break passed by Congress gives you one more reason to consider purchasing or refinancing your home with private mortgage insurance.
Summers on Health Care
Former Secretary of the Treasury Robert Rubin's Hamilton Project, housed at the Brookings Institution, held a forum at the National Press Club yesterday on health care reform. A first panel laid out four approaches, from expanding Medicare to include the uninsured to individual mandates tied to eliminating the tax deductibility of health insurance, which disproportionately helps upper income Americans in the same way the mortgage interest deduction does. (The more you earn, the higher your tax bracket, the more the value of a tax deduction.)However, it was another erstwhile Treasury Secretary, sitting on the second panel with a CEO, a union leader and a former Bush administration official, who made the best comment of the morning. "When only 20 percent of Americans with hypertension get proper treatment," Lawrence Summers said, "framing the question as insuring the uninsured just isn't asking the right question."The question for the panel was whether the next administration should pursue incremental reforms or a wholesale redrawing of the health care system.
UPDATE: WellPoint stock stumbles on customer losses
Investors whacked WellPoint Inc. stock this morning after the Indianapolis-based health insurer tamped down expectations for customer growth.
WellPoint said in its second-quarter earnings report that it lost 108,000 customers in the three months ended June 30 and now expects to add 400,000 fewer customers than it predicted in April.
Its shares dropped more than 3 percent, to $78.90.
WellPoint has 34.8 million customers now—more than any other health insurance firm in the country—and expects to reach 35.1 million by year's end.
But it lost customers because big employers in the auto, home building and mortgage industries cut jobs. Also, WellPoint lost individual customers due to price increases, and saw some slippage in its health plans not under the Blue Cross or Blue Shield brand.
Wall St smarties do it again: man-made monster escapes
WHEN the rocket scientists on Wall Street outsmart even themselves, bad things can happen. The 1987 stockmarket crash was fuelled by an institutional investment strategy that its creators ironically had termed "portfolio insurance". The collapse of the giant hedge fund Long-Term Capital Management in 1998 was triggered by a sequence of market events that the fund's engineers believed couldn't occur in billions of years. Today's version of Frankenstein turning on its creator is the mortgage loan mess. Wall Street in recent years has taken a simple concept - bundling mortgages and selling them to investors as interest-paying bonds - and concocted an alphabet soup of securities so incredibly complex they defy understanding by all but a handful of PhDs. That complexity now is coming back to haunt the buyers of those securities, who for the most part are hedge funds and other big investors, not individuals.
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