RICHMOND, Va., Nov. 1 /PRNewswire-FirstCall/ -- Genworth Financial, Inc.
(NYSE: GNW), the leading global provider of mortgage insurance solutions, said
today it will participate in the mortgage guarantee program of Mexico's
Sociedad Hipotecaria Federal (SHF) through a risk sharing agreement.
Genworth will assume a portion of the risk of loans guaranteed under the
current SHF program, which is designed to drive homeownership by developing
new mortgage products and expanding secondary mortgage markets in Mexico.
"Mexico's housing and mortgage markets are poised for growth in both scale
and products, and our mortgage guaranty program can play an important role in
the development of both," said Brian Hurley, president of Genworth's
international mortgage guaranty insurance operations outside Europe. "The SHF
has done an excellent job designing and offering mortgage products that help
first time homebuyers in particular, and we are delighted to have an
opportunity to partner with them to help with the important work of increasing
homeownership in Mexico."
SHF is a national government agency that provides financing and mortgage
credit guarantee for qualified homebuyers in Mexico through financial
intermediaries such as SOFOLES (non-bank monoline mortgage lenders) and banks.
SHF products are designed to serve primarily the upper end of the affordable
housing market and the lower end of the middle-income housing market.
The Mexican government has a stated goal of increasing the rate of new
home construction to 750,000 homes per year in coming years, from current
levels of 500,000 per year. The government estimates that there is currently
a shortfall of approximately five million adequate homes in Mexico.
About Genworth Financial
Genworth Financial, Inc. is a leading insurance holding company, serving
the lifestyle protection, retirement income, investment and mortgage insurance
needs of more than 15 million customers, with operations in 25 countries,
including the U.S., Canada, Australia, the U.K. and more than a dozen other
European countries. For more information, visit http://www.genworth.com.
SOURCE Genworth Financial, Inc.
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