S&P Downgrades Private MI Industry, Cites Rising Delinquencies and Expenses As expected, 2003 has been a difficult year for mortgage insurance companies – so much so that ratings agency Standard & Poor’s has revised its industry outlook to negative as a result of higher delinquencies and higher expenses caused by heavy refinance activity. The ratings agency also noted that prices have eroded to the point where MIs face a tough time operating profitably with adequate