Opinion: Latecomers beware

The burgeoning mortgage reinsurance market has been a beacon of
hope for beleaguered reinsurers over the last couple of years.
Strong demand for risk transfer from government-sponsored
entities (GSEs) Fannie Mae and Freddie Mac, as well as private
mortgage insurers (PMIs), has offered an outlet for profitable
growth.
Underlying mortgages originated after the financial crisis have
performed strongly, at levels well above historical norms.
And that trend is expected to continue, at least in the ne