So, the mortgage insurers have decided they are not going to cover the mortgages they already agreed to cover.
====> http://www.cnbc.com/id/35800892
According to this CNBC article, they are using non-payment as a business decision/tactic to try to save money.
I can’t say I blame them, but really, why did they insure the loans? Seriously, this brings up another question I have written about in the past.
Where were all of the “wise” and seasoned bankers when the frothy market was starting to peak? I really don’t understand this.
What do YOU think?
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