America's 10 Highest-Paid CEOs of 2011 (and How They Earned It)
The Richest Woman in the World: How Gina Rinehart Earns her BillionsLast March, I wrote a post which suggested that the mortgage insurance industry would take a hit as a result of the subprime mortgage meltdown. Today's New York Times [registration required] suggests that prediction was correct -- two leading mortgage insurers are writing down the value of their subprime mortgage subsidiary.
Specifically, the Mortgage Guaranty Insurance Corporation (NYSE: MGIC) said last night that it would write down its $516 million investment in Credit-Based Asset Servicing and Securitization (C-Bass) -- possibly to zero. Radian Group Inc. (NYSE: RDN) which has a $518 million stake in C-Bass, also said it might have to write off its investment completely.
Meanwhile, NovaStar Financial Group (NYSE: NFI) whose subprime mortgages MGIC insures, has fallen 91% to $10.83 from the split-adjusted $116 at which it traded in December when I suggested shorting it.
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