Genworth Announces Two Leadership Changes in Mortgage Insurance Businesses
18.05.12
Announces that it has named U.S. Mortgage Insurance President and Chief Executive Officer (CEO) Kevin Schneider as president and CEO of its recently formed Global Mortgage Insurance division, effective immediately. In this capacity, Schneider also has been named an executive vice president of the company. U.S. Mortgage Insurance Chief Commercial Officer Rohit Gupta will succeed Schneider as president and CEO of U.S. Mortgage Insurance (USMI).
Schneider, 50, joined Genworth in 2003 and has more than 28 years of experience in financial services and mortgage insurance. Prior to joining Genworth, he held various leadership positions at GE Capital, GATX Corp, and Ryder System. Schneider received a Bachelor of Science degree in Industrial Labor Relations from Cornell University and a Master of Management degree from Northwestern University's Kellogg Business School.
"I'm very pleased that Kevin will assume leadership of our Global Mortgage Insurance division--his background, industry depth, and experience navigating a very difficult U.S. market make him a strong fit for this position," said Martin P. Klein, Genworth Acting CEO. "The Global Mortgage Insurance division brings together all of our mortgage insurance units, improving operating synergies while enhancing the transparency of the businesses for investors and other stakeholders.
Source: MarketWatch (press release)
US settles over mortgage insurance denied to women
18.05.12
By PETE YOST
Associated Press
WASHINGTON (AP) - The Justice Department has settled a first-of-its-kind discrimination case against the nation's largest mortgage insurer for requiring women on maternity leave to return to work before the company would insure their mortgages.
The lawsuit filed last July against the Mortgage Guaranty Insurance Corp. alleged a violation of the Fair Housing Act and was the government's first involving discrimination against women in mortgage insurance.
The lawsuit arose from a complaint to the Housing and Urban Development Department by a Wexford, Pa., loan applicant.
Seventy people will be compensated from a $511,250 fund. The Justice Department's civil rights enforcement chief, Thomas Perez, says no lending company should force a parent to give up the right to take time off from work to obtain a mortgage loan.
A federal court approved the settlement.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Source: KFVS