Coming courtesy of TheStreet.com:

Steve Stemlach, an analyst at Friedman Billings Ramsey Group, cut his ratings on PMI Group, MGIC Investment and Radian Group to market perform from a previous outperform perform rating. He cited valuation concerns and “expectations for a longer-than-expected downturn in the credit cycle and a more severe level of losses owing to diminishing loss-mitigation opportunities.” Shares of the group fell 1% to 2%. “The recent spate of mortgage originators backing away from various affordability products will also put a negative bias on credit costs in the near term, although the longer-term implications are positive for the industry,” the analyst wrote.

Personally, I’m actually pretty bullish on mortgage insurers — so long as your horizon is out two to three years.