Ailing Genworth Borrows $930MM on LOC

Genworth Financial - which posted a large third-quarter loss - said it has borrowed $930 million of a $1.7 billion credit line. Among other things, Genworth is considering selling its mortgage insurance division, one of the largest in the U.S. Formerly a division of General Electric, Genworth offers not only mortgage insurance but life, long-term care, retirement and other policies. In the third quarter, the publicly traded company lost $258 million, compared to net income of $339 million in the same period last year.

Processing Content

For reprint and licensing requests for this article, click here.
Servicing Originations
MORE FROM NATIONAL MORTGAGE NEWS
Load More