2007-11-26 — marketwatch.com
``...as far back as 2003, insurer PMI Group started refusing to pay on claims on NovaStar loans that had defaulted... NovaStar started reducing the amount of insurance it bought, claiming that it decided to self-insure by taking more risk as prices of mortgage insurance started to rise. Rising prices, by themselves, should have been a sign of looming trouble. Insurers only raise prices as they perceive higher risk.''
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