Genworth Financial Inc. (GNW) Stock Wins Mexico's First Mortgage License
Mexico's Ministry of Finance has granted Genworth Financial Inc. (GNW.N: Quote, Profile, Research) the country's first mortgage insurance license, Genworth said on Wednesday.
Genworth, a large U.S. life and mortgage insurer, said it expects to begin writing mortgage insurance directly by the second quarter of 2007. The Richmond, Virginia-based company, spun off by General Electric Co. (GE.N: Quote, Profile, Research) in March, said its Mexican unit plans to make a 330 million peso ($30.5 million) investment to start the operation, which will be based in Mexico City. Genworth said the Mexican government wants to boost new home construction to 1 million units per year from the current level of about 750,000. The country's population topped 103 million last year, according to government data. In afternoon trading, Genworth shares fell 8 cents to $32.93 on the New York Stock Exchange. They began the year at $34.58.
Source: Reuters.comLabels: General Electric Co., General Mills, Genworth Financial Inc., GNW, Stocks
posted by Stock Administrator @ 9:29 PM
Genworth Financial Inc. (GNW) Stock Wins Mexico's First Mortgage License
Mexico's Ministry of Finance has granted Genworth Financial Inc. (GNW.N: Quote, Profile, Research) the country's first mortgage insurance license, Genworth said on Wednesday.
Genworth, a large U.S. life and mortgage insurer, said it expects to begin writing mortgage insurance directly by the second quarter of 2007. The Richmond, Virginia-based company, spun off by General Electric Co. (GE.N: Quote, Profile, Research) in March, said its Mexican unit plans to make a 330 million peso ($30.5 million) investment to start the operation, which will be based in Mexico City. Genworth said the Mexican government wants to boost new home construction to 1 million units per year from the current level of about 750,000. The country's population topped 103 million last year, according to government data. In afternoon trading, Genworth shares fell 8 cents to $32.93 on the New York Stock Exchange. They began the year at $34.58.
Source: Reuters.com
Genworth, a large U.S. life and mortgage insurer, said it expects to begin writing mortgage insurance directly by the second quarter of 2007. The Richmond, Virginia-based company, spun off by General Electric Co. (GE.N: Quote, Profile, Research) in March, said its Mexican unit plans to make a 330 million peso ($30.5 million) investment to start the operation, which will be based in Mexico City. Genworth said the Mexican government wants to boost new home construction to 1 million units per year from the current level of about 750,000. The country's population topped 103 million last year, according to government data. In afternoon trading, Genworth shares fell 8 cents to $32.93 on the New York Stock Exchange. They began the year at $34.58.
Source: Reuters.com
Labels: General Electric Co., General Mills, Genworth Financial Inc., GNW, Stocks
posted by Stock Administrator @ 9:29 PM
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