Four Major Mortgage Insurers ratings downgraded

Associated Press 04.09.08, 3:54 PM ET
Sector Snap: Mortgage Insurers - Forbes.com: "NEW YORK - Shares of mortgage insurers tumbled Wednesday after Standard & Poor's downgraded four major insurers, threatening their ability to insure home loans purchased by Fannie Mae and Freddie Mac.
S&P late Tuesday cut its rating on MGIC Investment Corp., Old Republic International Corp., PMI Group Inc. and Radian Group Inc.
S&P is concerned that a struggling economy may push more people into default on their mortgages, forcing the insurers to pay more claims.
The downgrades are especially important because many of these companies' policies are on home loans purchased by Fannie Mae and Freddie Mac"