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Fulton County Employees v. Mgic Investment

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ARGUED JANUARY 12, 2012

Before EASTERBROOK, Chief Judge, and ROVNER and TINDER, Circuit Judges.

MGIC Investment Corpora- tion insures mortgage loans. Lenders prefer security beyond the borrower’s promise to pay plus the value of the real property. The market price of land or a house may decline; its worth may have been overestimated; borrowers may fail to make payments or allow the collateral to fall into disrepair. Several governmental agencies offer mortgage insurance. When no governmental body will insure a loan-or when public insurance is limited (often it covers only 80% of the collateral’s appraised value)-firms such as MGIC stand ready to sell private mortgage insurance. With insurance in hand, lenders securitize the loans (that is, sell securities in packages containing many loans), raising money that they can lend to other people who seek housing.

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