Strong demand for FHA mortgages continued to put the squeeze on the troubled private mortgage insurance industry during the third quarter. According to new numbers compiled by Inside Mortgage Finance, private MI activity at the six firms still active in the business fell 22 percent between the second and third quarters of 2009. For the first three quarters of this year, private MI volume was down an even larger 60 percent on a year-over-year basis.
Among the active MI firms, fifth place PMI Mortgage Insurance posted the biggest drop in third quarter total primary insurance written with a 42 percent decline. Meanwhile, second place United Guaranty, a unit of AIG, showed the only gain in the MI industry during the third quarter with a 4 percent increase in new business.
Posted by imfpubs 
