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Hey, weren't those mortgages supposed to be insured?

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Now that the economic downturn is officially a recession, can we go back to the subprime mortgage crisis that started it all and ask the obvious question: Shouldn't all those high-risk loans gone bad have been covered by private mortgage insurance?

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Yes, if all the high-risk borrowers and their lenders had been playing by the rules. But they weren't.

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