Pre-nationalisation Genworth soars as it hoses away capital

Tuesday 5 February 2019

Sometimes markets are bizarre. Take the case of mortgage insurer GMA today:

There’s nothing overly interesting about its year end accounts though delinquencies are still rising. But check out its economic assumptions:

This is a fading fiction. Unemployment is going to rise and wages fall. GMA’s delinquencies are going to rise too.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.