Mortgage Losses Crush Genworth's (NYSE:GNW) Earnings

The shares of Genworth Financial (NYSE:GNW) were getting crushed today, as the company's mortgage segment got hammered in the latest quarter.

Net loss in the fourth quarter came in at $161 million, or $0.33 a share, down from the 16 cents a share analysts were looking for, and the $40 million in net income, or $0.08 a share they generated in the same quarter last year.

The mortgage unit of the company had net operating losses of $352 million, offsetting gains in other segments of the business. Genworth's mortgage unit has been said to be up for sale as they attempt to boost the company's performance.

CEO Michael Fraizer said, "We are intensely focused on restoring under-performing business lines to acceptable return levels for the capital allocated while sustaining good performance in our other business lines."

Genworth was trading at $12.35, down $1.59, or 11.41 percent, as of 12:24 PM EST.