Genworth revenues fall amid housing crisis
- April 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.