The mortgage insurance industry continues to face significant challenges during 2009, according to Standard & Poor’s. The rating agency believes that the macroeconomic environment may be having an increasingly negative impact on the prime mortgage insurance books, suggesting an elongation of the loss cycle beyond S&P’s prior expectations.
As a result, the rating agency is placing the ratings for several mortgage insurance companies on CreditWatch with negative implications. These groups are Old Republic International (ORI), PMI, Radian, Genworth, United Guaranty, CMG Mortgage Insurance Co. (CMG) and California Housing Loan Insurance Fund (CAHLIF). S&P did not include Mortgage Guaranty Insurance Corp. (MGIC) in this action because of the rating actions it took on Oct. 19, 2009 (downgraded to B+; MGIC Investment Corp. outlook revised to negative).
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