Transcript Mr. Rick Oelhafen, General Counsel, Genworth, Inc.

Foundational Legal Issues In Housing
Finance Investing
April 11, 2013
©2013 Genworth Financial, Inc. All rights reserved.
Agenda
Brief Introduction To Genworth
‫‏‬
What Legal Environment Are We Looking For As Housing Finance Investors?
‫‏‬
India and IMGC As A Case Study
‫‏‬
Presentation to APUHF
1
Genworth Financial, Inc.’s Key Statistics
More than 15
Million
Consumers
Total Revenues of
$10.0 Billion
Global Presence
(Over 25 Countries)
More than 3.5 Million
Mortgage Insurance policies
Over 23,700
Volunteer
Hours
Dating back to 1871 with 141
years underwriting
experience
A
FORTUNE
500
company
Approximately 6,300
Employees
All figures as of December 31, 2012 except volunteer hours as of December 31, 2011
Presentation to APUHF
Total Assets
of $113.3
Billion
2
Genworth’s Global MI Thought Leadership
Australia
Brazil
Canada
China
India
Finland
Germany
Hong Kong
Ireland
Italy
Mexico
New
Zealand
South Korea
Spain
Sweden
UK
USA
Operating platforms or representative offices
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3
What Legal Environment Are Housing
Finance Investors Looking For?
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4
Fundamental Legal Issues
Title And Registration System
Efficient Foreclosure
Banking Regulation
Mortgage Market Infrastructure &
Information
Rule of Law And Transparency
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5
Case Study On India
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6
Fundamental Legal Issues – India
Title And Registration
System
National Title Registration System Started
Title Insurance Company Founded, But Not Widely Used Yet
Able To Verify Ownership, But Can Still Be Challenging
Efficient
Foreclosure
SARFAESI (2002) – Non-Judicial Process
Average Time Is 6 – 12 Months
Widely Used, But Some Pre-2002 Loans Still In Market
Banking Regulation
Basel III Adopted
Rules In Place For Securitization And Covered Bonds
Foreign Direct Investment Allowed, But Capped In Mortgage
Guarantee Companies
Mortgage Market
Infrastructure &
Information
Borrower Credit Records Generally Available To Lenders
Appraisal Industry Is Regulated And Widely Used
Property And Casualty Insurance – Some Lenders Mandate
Home Price Data Publicly Tracked By Residex (NHB)
Rule of Law And
Transparency
Excellent Indian Attorneys
Corruption A Major Source Of Concern For Indian Public
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