Genworth supports Government of Canada mortgage rules

    TORONTO, July 16 /CNW/ - The following statement was issued today by
Peter Vukanovich, President of Genworth Financial Canada:
    We support The Government of Canada's recently announced adjustments to
the rules for government guaranteed mortgages aimed at protecting and
strengthening the Canadian housing market, including fixing the maximum
amortization period for new government-backed mortgages to 35 years, and
requiring a minimum down payment of five per cent for new government-backed
mortgages. Our products will comply with these rules beginning
October 15, 2008, when the new limits take effect.

    About Genworth Financial Canada:

    Genworth Financial Canada, The Homeownership Company, works with lenders,
mortgage brokers, real estate agents and builders to make homeownership more
affordable and accessible throughout Canada. The company combines global
experience in mortgage insurance with technological and service leadership to
deliver innovation to the mortgage marketplace.
    In addition to releasing two First-Time Homebuyer's Monitor reports
annually, Genworth Financial Canada also issues reports on Canada's housing
market and condo market in winter and summer; all in conjunction with the
Conference Board of Canada. Genworth's online resource,,
helps Canadians build their knowledge of the homebuying process and make their
homeownership experience an informed and responsible one. Our intention is to
educate and provide useful information to consumers, homeowners, future
first-time homebuyers and governments. We believe it's essential that
Canadians have all the information they need to make informed decisions about
homeownership, for many the most important investment of their lifetime.
    Genworth Financial Canada also listens to homebuyers about their
challenges and concerns, to make us better informed about how we can continue
to offer innovative products that help more Canadians realize the dream of
    Additional information about Genworth Financial Canada is available at or through mortgage professionals.

    About Genworth Financial

    Genworth Financial, Inc. (NYSE:  GNW) is a leading public Fortune 500
global financial security company. Genworth has more than $114 billion in
assets and employs approximately 7,000 people in 25 countries. Its products
and services help meet the investment, protection, retirement and lifestyle
needs of over 15 million customers. Genworth operates through three segments:
Retirement and Protection, International and U.S. Mortgage Insurance. Its
products and services are offered through financial intermediaries, advisors,
independent distributors and sales specialists. Genworth Financial, which
traces its roots back to 1871, became a public company in 2004 and is
headquartered in Richmond, Virginia. For more information, visit

For further information:

For further information: Media Contact: Sherri Leclair, (905) 287-5408

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