What are the banks going to do when they can’t get insurance payouts?
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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10Mar