Private mortgage insurance (PMI) is fulfilling its role in protecting lenders, but many loans hurting lenders today involved techniques that circumvented PMI requirements for home loans, insurers said.
Rick Gillespie, senior vice president, corporate communications, of mortgage insurer Radian, said, “The mortgage insurance industry is doing exactly what it was intended to do. Not without paying.
“Obviously, the companies that comprise the mortgage insurance industry are experiencing the same housing and credit challenges as everyone. But the claims have been paid. Each company is dealing with it a little bit differently from a capitalization and liquidity standpoint.”
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