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MGIC Investment Corp. Message Board

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  • girthner21 girthner21 Nov 14, 2012 10:31 PM Flag

    $1b short

    You've got to believe the loss severity on that older vintage stuff isn't near what it is on the 06-07 books. I'd say alot of the folks going dq on that are underwater due to home equity loans/lines they tacked on when the property values appreciated and just throw in the towel on the whole thing.

    Sentiment: Sell

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    • for mi companies, since they cover only the first 25% of the loan or so, loss severities are near 100% of coverage, even in good years, so they don't save much there, but i agree that the cltv is what determines default rates, what is really messed up is the borrower often continues to pay the second while they default on the first, financial literacy is not strong amongst the general population.

      Sentiment: Strong Sell

 
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