RICHMOND, Va., Aug. 23 /PRNewswire/ -- Genworth Financial today announced
it has established operations as the first monoline residential mortgage
guaranty insurance provider in Japan, after receiving authorization to do so
from Japan's Financial Services Authority earlier this month. Japan is the
world's second largest mortgage market with $1.8 trillion of mortgages
Genworth will work with Japan's national and regional lenders and
specialized mortgage banks to provide attractive alternatives to mortgage
options currently available to Japanese homebuyers, who typically prefer low
down payment mortgages in order to maintain cash savings. Genworth's Japanese
operations are headquartered in Tokyo under the leadership of Kazutoshi
Kuwahara, managing director.
"Japan's dynamic housing market, with more than $240 billion of
originations in 2004, offers tremendous opportunity for Genworth to expand its
global platform to help increase homeownership, using our product innovation
and technological capabilities," said Brian Hurley, president of Genworth's
international mortgage insurance operations in Australia, New Zealand, Japan
and Canada. "With Genworth's strong credit ratings and recognized risk
management expertise, we look forward to partnering with lenders to help them
prudently grow and better serve their customers in this market"
Genworth has more than $300 billion of mortgage insurance in force
worldwide, with operations in the U.S., Canada, Australia, New Zealand, Japan
and nine countries in Europe. Mortgage guaranty insurance enables low down
payment lending by protecting lenders from loss should homebuyers default on
Credit enhancement provided by Genworth mortgage insurance also will help
Japanese lenders increase liquidity and facilitate issuance of residential
mortgage-backed securities (RMBS) to meet growing investor demand in Japan.
Mortgage securitization in the country grew from $500 million in 1999 to
$22 billion in 2004.
"The Japanese market is poised for continued RMBS growth," Hurley said.
"We believe that Genworth can play a significant role in that growth by
providing products with our strong ratings that offer valuable credit
enhancement and assist financial institutions in managing their capital
efficiently by reducing capital requirements for low down payment lending."
About Genworth Financial
Genworth (NYSE: GNW) is a leading, U.S.-based insurance holding company,
with growing international scope, serving the lifestyle protection, retirement
income, investment and mortgage insurance needs of more than 15 million
customers in 24 countries. For more information, visit
SOURCE Genworth Financial
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Web site: http://www.genworth.com