Posted by Stamper_WI on 3/11/08 3:29pm
Msg #238920

Cont Message #238651

In my musings I mentioned a workout on the Mortgage insurance industry

From Inman News

A separate report by David Shulman, senior economist for the UCLA Anderson Forecast, refers to a "credit recession" in the nation's financial markets but distinguishes this from a full-blown economic recession.
"Where lenders were once fearful of not making a loan, they are now fearful of making loans as credit losses multiply," Shulman states.
And this credit recession, he states, is far from over. "The giant government-sponsored mortgage lenders, Fannie Mae and Freddie Mac just reported multi-billion-dollar losses stemming from the weak housing market. Sitting just below the iceberg is the precarious position of the two major mortgage insurers, MGIC and PMI."