My little world of refinance mortgage
The largest mortgage insurer in the country, MGIC Investment Corp. , predicted that it would continue to be unprofitable in 2009. Mortgage foreclosures are anticipated to go up even more, which will reduce the bottom line of mortgage insurers who back those mortgages. Risky mortgage practices undertaken by many banks and investors came to head in 2008 and left many homeowners holding the bag of declining home values. Those practices offered subprime loans to consumers who were not eligible for traditional mortgages.