Thrift institutions and their subsidiaries can participate in a new multilender mortgage reinsurance program sponsored by the Michigan Bankers Association, says the Office of Thrift Supervision. In a May 13 letter, the chief counsel of the OTS gave thrifts the green light to participate in the Michigan Bankers Reinsurance Co., which was launched by the trade group last fall. The program is designed to provide members “significant fee income with very little risk” through