Changes

In previous decades if a factory closed, whole neighborhoods were laid off simultaneously, workers no longer could afford mortgage payments, few buyers were interested in moving to areas in economic decline, and property values fell rapidly. Foreclosure insurance theoretically guaranteed the lender's investment at the original sale price or appraised value.

In previous decades if a factory closed, whole neighborhoods were laid off simultaneously, workers no longer could afford mortgage payments, few buyers were interested in moving to areas in economic decline, and property values fell rapidly. Foreclosure insurance theoretically guaranteed the lender's investment at the original sale price or appraised value.

Claims against mortgage insurers were huge factors contributing to [[AIG]]'s and [[Fannie Mae]]'s insolvency.

Claims against mortgage insurers were huge factors contributing to [[AIG]]'s and [[Fannie Mae]]'s [[insolvency]].

==Public mortgage insurance==

==Public mortgage insurance==