The silent victim in the mortgage meltdown has been mortgage insurance companies, which have been paying claims left-and-right to the banks.
MGIC Investment Corp.’s net loss of $165.2 million, was 63.67%, more than was expected for the 3rd quarter, causing shares to fall 5.7% to $2.30 late Friday.
The banks who created the mess have handed off their “losses” to both taxpayers and mortgage insurers. This is detailed in a section in my book “How to Commit Short Sale Fraud . . . and Get Away with It,” which readers can purchase from the right sidebar of this blog.
Read the original article in the Wall Street Journal.