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MI Firms Confront More Risk Woes.
New York -- Last year, Fitch Ratings here declared, "Will likely prove to be one of the worst underwriting years in the modern history of the U.S. mortgage industry." The company made the statement in a report where it downgraded the insurer financial strength ratings of a pair of mortgage insurers.
In its report, Fitch discussed some of the trends affecting the overall mortgage industry, including poor underwriting by lenders, home price declines and the increased willingness of borrowers willing to walk away from their homes and fraud.
"It appears the MIs' underwriting processes were ineffective in identifying and protecting against these risks as the industry aggressively courted new business throughout 2007. As a result, these companies' insured portfolios are now heavily concentrated with 2007 vintage mortgage loans, many of which are very high loan-to-value (greater than 95%) and/or ...
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- Press release article from: PR Newswire October 27, 1994 700+ words
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...30, 2002 Fitch Ratings has affirmed CMG Mortgage Insurance Company...recession. Fitch believes that...credit union mortgage insurance market's...the overall mortgage insurance market's fundamentals. Fitch believes that...
Source: HighBeam Research, MI Firms Confront More Risk Woes.