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Genworth revenues fall amid housing crisis

Apr 25, 2008

Richmond-based Genworth Financial Inc. reported Thursday that its first quarter net income fell 64 percent because of losses on subprime loans.

The mortgage and life insurance company’s net income was $116 million, compared with $324 million in the first quarter of 2007.

The company reported investments losses of $128 million, about half of which was caused by subprime and Alt-A mortgages.

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