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mortgage insurance credit rating downgrade: More on the mortgage insurance industry - 12/23/09 01:26 PM
MGIC is the defendant in a suit by Bank of America lending units for denying claims. This follows a prediction earlier this month by Moody' that mortgage insurance companies might start rejecting claims on defaulted loans - to the tune of an anticipated $4 billion.
The big push is to hold the lenders more accountable for the lending decision - and of course to keep the MI companies viable.
FHA is changing fast - appraiser independence, 5% downpayment, tighter streamline refinance standards, higher credit score standards, higher mortgage insurance premiums.
As the FHA market share increases, largely from the loss of … (5 comments)

mortgage insurance credit rating downgrade: Mortgage Insurance Companies - losses increase concerns - 11/08/09 07:13 PM
Mortgage insurance company losses are a mounting concern for the industry. A concern that has not received much coverage in the media, nor in Congress. These companies have taken a beating in the market downturn.
Mortgage insurance enables home buyer to purchase with less than a 20% down payment. For FHA loans, the home buyer purchases government mortgage insurance from HUD. For conventional loans, the home buyer purchases private mortgage insurance.
Several companies offer mortgage insurance. All have taken heavy losses and as a result have tightened their lending guidelines. In many cases the MI companies have tightened their guidelines more than Fannie … (28 comments)

 
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Richard Smith FHA VA Rural Development in TN GA

Chattanooga, TN

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Address: 1961 Northpoint Blvd, Suite 110, Chattanooga, TN, 37343

Office Phone: (423) 280-0345

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