After Years of Building Reserves, Lender MI Captives Tapped for Losses in 2008
April 17, 2009
Private mortgage insurers steered billions in insurance premiums to captive reinsurance entities owned by their biggest mortgage banking customers over the years, but 2008 saw a huge reversal as default rates and new claims soared. According to a new analysis by Inside Mortgage Profitability, private MIs ceded a whopping $5.381 billion of premiums to lender... [Includes one chart and one graph]