The private mortgage insurance industry continued to take the heat – and losses – for growing problems in the so-called prime mortgage market during the second quarter. According to numbers compiled by Inside Mortgage Finance, the private MI industry posted $3.9 billion in losses and loss expenses in the most recent quarter. That was up from $3.1 billion in losses/expenses in the first quarter but down from the record $5.2 billion in losses/expenses recorded in the fourth quarter of 2007.
The continuing high losses at the MIs resulted in the industry posting a $1.7 billion loss in terms of net income for the second quarter of 2008. This was up from a loss of $1.1 billion in the first quarter of the year.
