The private insurers that cover $700 billion of U.S. mortgages are facing an onslaught of foreclosures. The big three””MGIC, Radian, PMI””are at risk.
The housing market has been a cruel goddess, destroying the finances of millions of Americans and driving the economy and financial system to near collapse.
Now the capricious deity threatens to claim even more victims, as U.S. housing prices fall to new post-bubble lows and the backlog of foreclosed properties builds ominously.
