Mortgage Losses Continue to Mount

This doesn't surprise me, but it does surprise the stock market!

from WSJ:

NEW YORK—Mortgage insurer PMI Group Inc. reported its 12th consecutive quarterly loss on Thursday, even as the number of defaulting homeowners on its books dropped.
The second-quarter loss of $150.6 million was smaller than a year ago because of falling claims expenses at its U.S. mortgage-insurance unit. But those claims still cost twice as much as PMI collected in premiums as the firm struggled against declining demand for its services.