Private mortgage insurance companies to go belly up?
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.
Can anybody say that the federal government has done a good job restoring the health of the housing market? I'm not saying that they have all the answers, but really--can't we expect three years into this debacle that we would have seen the last of the major institutional failures?