As mortgage defaults loom, Genworth cancels guidance

Genworth, Australia's biggest lenders' mortgage insurer, has cancelled its guidance as it faces the likelihood that large numbers of low income mortgage customers will default on their repayments.

In a statement to the ASX, Genworth said uncertainty over the long-term impact of the COVID-19 crisis, including the evolving government and regulatory interventions, made it impossible to provide an accurate earnings forecast.