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Mortgage Insurers Avoid Gimmicky Loans

Private mortgage insurers have been hit hard by the skyrocketing number of foreclosures over the past two years, but the market was spared the worst of the subprime crisis because many lenders

By Phil Gusman | Updated on October 12, 2008

Private mortgage insurers have been hit hard by the skyrocketing number of foreclosures over the past two years, but the market was spared the worst of the subprime crisis because many lenders concocted gimmicky loan deals to circumvent mandates to buy coverage, experts in the field say.

“The mortgage insurance industry is doing exactly what it was intended to do,” according to Rick Gillespie, senior vice president of corporate communications at mortgage insurer Radian.

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