by Calculated Risk on 12/11/2007 05:43:00 PM

From Bloomberg: Genworth Predicts Lower-Than-Expected 2008 Profit (hat tip Brian)

Genworth Financial ... said profit will miss analysts' estimates next year because of the U.S. housing slump. ...

Genworth's mortgage-insurance unit, which contributed about 15 percent of operating profit this year through Sept. 30, will lose as much as 25 cents a share in 2008, the Richmond, Virginia- based company said today in a presentation on its Web site.

``We did not expect the speed or degree of the unprecedented turn of the housing market,'' Chief Executive Officer Michael Fraizer said ... Fraizer has said Genworth covered too many mortgages in Florida...

Another CEO surprised by the "speed and degree" of the housing downturn. Also, I hate it when a CEO comments on his stock price:

``I am not satisfied with our stock price,'' Fraizer said.

Memo to Fraizer: Take care of business, the stock price will follow.