PMI

While still remaining relatively bullish on the sector because of its strong performance year-to-date, all five companies' stock outlook is at "market perform."

The Senate version includes restoration of the mortgage interest deduction, but a tax code revision likely would stifle foreign investment in real estate.

The revisions also revise how the surplus is calculated to evaluate risk of the bonds used as part of the available asset portion of the capital requirements.

Enact's stock offering priced on Sept. 16 in its expected range, at $19 per share, and quickly moved up to over $21.

Delinquency concerns continue to wane as the end of forbearances is not expected to lead to a massive wave of foreclosure activity.

It is only a modest positive for new publicly-traded mortgage companies if acting Federal Housing Finance Agency head Sandra Thompson rolled back the caps put in place by the agreement with the Treasury.

Private mortgage insurers can continue to hold less capital for forborne delinquent loans, which helps them potentially upstream payments to parent companies in the third and fourth quarters.

Meanwhile, National MI has been increasing its new insurance written by slightly widening its credit standards.

Between terms as Federal Housing Commissioner — where he oversaw Radian's government-run competitor — he served on the private mortgage insurer's board.

After the spinoff and a concurrent private sale to Bayview Asset Management, Genworth Financial will still own 80% of the rebranded Enact.