Wall Street Journal (08/27/08) P. C3; Pollock, Lauren
Reflecting its concerns about the profitability of insured mortgages originated in 2008, Standard & Poor's Ratings Services has downgraded its credit ratings on the units of three mortgage insurers: Old Republic International Corp., PMI Group Inc. and Radian Group Inc. S&P's projected claims for mortgages originated the previous two years indicate that the volatility of mortgage insurers' operating results is much greater than the ratings firm assumed before the woes in the mortgage and housing markets took hold. This uncertainty suggests that an underwriting loss is possible. This past spring, S&P slashed all three companies' ratings, as well as that of MGIC Investment Corp.
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