Over the last decade, the U.S. has averaged nearly 56,000 wildfires a year, covering more than 6.5 million acres, and destroying thousands of homes. The problem is acute enough that discussions are underway to create a reinsurance market for wildfire damage.
The sharp downturn in purchase-money loans going into Fannie and Freddie MBS was accompanied by an even bigger drop in deliveries of loans with private mortgage insurance.
The slow-motion acquisition of mortgage insurance giant Genworth Financial by real estate and insurance conglomerate China Oceanwide got a significant nudge forward, when the Delaware insurance commissioner last month gave its final approval for the purchase.
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