Genworth is a company for which I have a lot of respect. Like many corporations, they have fallen on some pretty hard times, especially at the holding company level. The company is taking very strong action by eliminating it’s dividend, halting it’s stock buyback and slashing expenses. I suspect that it’s troubles can be pinned to it’s mortgage insurance business which must be performing horribly. The insurance company got a cash infusion and I’m sure it will be insulated from the company’s troubles at the holding company level.
Here is the letter: genworth-message-to-our-customers
