A 'qualified residential mortgage' (QRM) rule that does not include a mandate for mortgage insurance will not necessarily harm the MI industry, according to a new report from FBR Capital Markets.

FBR believes that MIs may even consider becoming real estate investment trusts. The research firm said that under this scenario, originators of high loan-to-value ratio mortgages could turn to the private label market and save the 25 basis point guarantee fee and approximate 75 basis points of mortgage insurance premiums.

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