The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Bose George - Keefe, Bruyette & Woods North America - Analyst
: Hey, everyone. Good morning. Actually, I wanted to ask first about -- dig into the capital return a little more. Your guidance of the $350 million for
this year suggests that your debt to capital will keep strengthening. It's already at a very, say, attractive level.
And if you're in a higher-for-longer market where growth rates remain very modest, I mean, could we see a greater level of capital return? Or would
you let your capital just continue to strengthen and see what happens?
Question: Bose George - Keefe, Bruyette & Woods North America - Analyst
: Okay, great. Makes sense. Thanks. And then just switching over to the reinsurance business. At the moment, that's, I guess, all GSE/CRT. With the
changes in DC, has there been discussions about, potentially, that piece that's ramping up some more to derisk the GSEs further, just leaving aside
any GSE reform or privatization issues?
Question: Bose George - Keefe, Bruyette & Woods North America - Analyst
: Great. Thank you.
Question: Doug Harter - UBS Equities - Analyst
: Thanks. You guys have talked about the impact of seasoning of some of the larger books on credit quality. Can you just talk about, as we look
forward to 2025, the impacts that seasoning should have on delinquencies and possibly claim rates?
Question: Doug Harter - UBS Equities - Analyst
: I appreciate that, Dean. And I guess as you look at the performance of the '23 vintage, how would you characterize the performance of that vintage
versus the prior years?
Question: Doug Harter - UBS Equities - Analyst
: Origination.
Question: Doug Harter - UBS Equities - Analyst
: Great. Appreciate the answers.
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