the 2010 actuarial review reports on MMIF value sensitivity to
catastrophic decline in house prices, the MMIF is projected to end up
This is not the sign of robustness for the MMIF that the outside
While the number of MMIF 30-year, fixed-rate mortgages originated annually remained in a narrow range - from 528,000 to 640,000-during origination years 1988-1993, the number of reported nonrefinancings declined sharply from a peak of 627,165 mortgages in 1990 to only 338,001 mortgages in 1993.
Figure 2 shows that the number of MMIF 15-year-term mortgage originations rose dramatically, from fewer than 30,000 mortgages in each of origination years 1988 through 1991 to 55,163 in 1992 and about 100,000 in 1993, as mortgage interest rates fell to levels not seen since the 1960s.
Figure 3 shows that the number of MMIF ARMs originated jumped from 21,776 mortgages in calendar year 1988 to almost 106,000 in 1992.
My concern is that this could, in the extreme, invalidate Price Waterhouse's major conclusions concerning the financial condition of the MMIF.
In its ongoing analysis of the financial condition of the MMIF, (i.