Noomxx, I am not sure you understand how this company's business...

Noomxx,

I am not sure you understand how this company's business works.

They provide insurance against losses to real estate loans. Interest rates normalising would be a disaster for Genworth, as real estate asset prices would fall and their losses would significantly outweigh any benefit they gain from the money made on their float.

NTA is also meaningless for Genworth unless you can understand and value the tail risk liabilities associated with the insurance they have provided. It is very difficult to forecast the tail risk liabilities but in a reasonably severe housing downturn, the insurance losses would be catastrophic, so be careful with your portfolio weighting.

As a side note, Genworth Financial which is listed in the US ,is trading at a 90% discount to book value and owns 50% of GMA. If you're set on increasing your exposure to GMA, perhaps look into buying Genworth Financial instead.