Genworth Financial likes it’s Canadian growth potential. In a recent conference call, Chairman, CEO Mike Frazier reiterated his past comments that “well over half (the Canadian) market was available for us to grow into.”
Canada is the world’s second-largest mortgage insurance market behind the U.S. Genworth now faces increased competition, however, from the likes of newcomers AIG, PMI, and Triad. Don’t count out stalwart CMHC either, who is unlikely to lay down against these new rivals–as evidenced by this recent advertorial in the Globe & Mail.
What does all this competition mean to you as a homeowner? Expect lower premiums on mortgage default insurance and a wider array of non-traditional, more accessible mortgages.
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