DISASTER SHAKES PRIVATE INSURERS
Know your credit risk. Don’t assume that a particular issue of mortgage-backed securities is risk-free just because it is being sold by a prestigious Wall Street firm. Look behind the paper.
That is what many investors and observers are saying about the mortgage-backed securities market after a year of unpleasant surprises which rocked the private mortgage insurance industry.
The new wariness stems largely from the collapse of a relatively obscure real estate syndicator last August.
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