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Otis
Certified Residential
Joined: 11 Aug 2007
Posts: 2899
Location: High and Dry
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 Posted: Sat Nov 10, 2007 9:33 pm Post subject: Private Mortgage Insurers Dragged Down |
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Can I get the sound track for Jaws on here?
http://money.aol.com/news/articles/_a/private-mortgage-insurers-dragged-down/n20071110082109990003 | Quote: | MILWAUKEE (AP) - As the housing market crumbles, homeowners are worried about mortgage payments and sellers are worried about slumping prices - but the companies that insure their loans are worrying about their very survival in the face of billions of dollars in claims.
Insurers like industry leader MGIC Investment Corp. are predicting they won't turn a profit for at least a year. The uncertainty has sent their stocks plunging and raised questions about what happens if so many loans go bad that the insurers behind them go out of business.
In the short term, regulators and analysts say they aren't concerned about the biggest insurers staying in business.
"We're not worried about it today. You can ask us tomorrow. It may change. But right now, it's not a high priority," said Gail Madziar, spokeswoman for the Michigan Bankers Association. |
<snip>
| Quote: | | If the insurers do run into trouble, the risks for the industry are huge. About 10 percent of the total loan market has private mortgage insurance, according to the Mortgage Insurance Companies of America. There was $776 billion in private mortgage insurance in force as of September, the trade group reported. |
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