Standard & Poor's said its latest models now incorporate lending vehicles that the rating agency never saw before, which led to increased risk exposures by mortgage insurers and the current credit crisis in the housing market.
During a telephone conference call yesterday, James Brender and Rodney Clark, two analysts with the New York-based rating agency, explained the reasoning behind the downgrading of four mortgage insurers, and what the future indicators are for mortgage insurers in general.
Yesterday, S&P downgraded the insurance financial strength of MGIC Investment Corp., Old Republic International Corp., PMI Group Inc. and Radian Group Inc.
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