Private MIs reported a 19.6% drop in purchase-mortgage business during the first quarter, which still accounted for 64.8% of their new insurance written for the period.
Joe Garrett: “Companies that don’t seem to get too agitated about the occasional loss, and we’ve seen too many of them, seem to have more and larger losses than those companies that are obsessive about not losing money.”
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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