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Table 46:  Mortgage Insurance Coverage
          Unpaid Principal Balance
    Maximum Coverage(2)     Covered By Insurance(3)  
          As of
    As of
    As of
    As of June 30,
    December 31,
    June 30,
    December 31,
    2011     2010     2011     2010  
  Primary     Pool     Total     Total     Total     Total  
    (Dollars in millions)  
Mortgage Guaranty Insurance Corporation
  $ 20,672     $ 1,683     $ 22,355     $ 23,277     $ 97,189     $ 101,823  
Radian Guaranty, Inc. 
    14,724       327       15,051       15,370       62,484       64,042  
Genworth Mortgage Insurance Corporation
    13,811       70       13,881       14,331       55,800       57,845  
United Guaranty Residential Insurance Company
    13,688       181       13,869       14,044       57,617       58,416  
PMI Mortgage Insurance Co. 
    11,628       284       11,912       12,359       51,437       53,768  
Republic Mortgage Insurance Company
    9,045       952       9,997       10,566       43,249       46,660  
Triad Guaranty Insurance Corporation
    2,759       740       3,499       3,809       15,328       16,974  
CMG Mortgage Insurance Company(4)
    1,932             1,932       1,938       8,155       8,174  
    337             337       209       1,724       1,140  
  $ 88,596     $ 4,237     $ 92,833     $ 95,903     $ 392,983     $ 408,842  
Total as a percentage of single-family guaranty book of business
                    3 %     3 %     14 %     14 %
(1) Insurance coverage amounts provided for each counterparty may include coverage provided by consolidated affiliates and subsidiaries of the counterparty.
(2) Maximum coverage refers to the aggregate dollar amount of insurance coverage (i.e., “risk in force”) on single-family loans in our guaranty book of business and represents our maximum potential loss recovery under the applicable mortgage insurance policies.
(3) Represents the unpaid principal balance of single-family loans in our guaranty book of business covered under the applicable mortgage insurance policies (i.e., “insurance in force”).
(4) CMG Mortgage Insurance Company is a joint venture owned by PMI Mortgage Insurance Co. and CUNA Mutual Insurance Society.
See “Risk Management—Credit Risk Management—Institutional Counterparty Risk Management—Mortgage Insurers” in our 2010 Form 10-K for a discussion on the credit ratings of our mortgage insurers.
The current weakened financial condition of our mortgage insurer counterparties creates an increased risk that these counterparties will fail to fulfill their obligations to reimburse us for claims under insurance policies. However, at this time we generally continue to receive payments on our claims as they come due, with the exception of claims obligations of Triad Guaranty Insurance Corporation, which have been partially deferred since June 1, 2009 pursuant to an order from its regulator.
During 2010 and the first half of 2011, a number of our mortgage insurers received waivers from their regulators regarding state-imposed risk-to-capital limits. Without these waivers, these mortgage insurers would not be able to continue to write new business in accordance with state regulatory requirements, should they fall below their regulatory capital requirements. In anticipation that a waiver may not be granted or continued by their regulator, several of our mortgage insurers arranged for another mortgage insurer subsidiary or affiliate to write new business on its behalf. In 2010, the parent companies of several of our largest mortgage insurer counterparties raised capital, which may improve their ability to meet state-imposed risk-to-capital limits and their ability to continue paying our claims in full as they come due, to the extent that the capital raised by the parent companies is contributed to their respective mortgage insurance entities. We are unable to determine how long certain of our mortgage insurer counterparties will remain below their state-imposed risk-to-capital limits.
Our mortgage insurer counterparties have increased the number of mortgage loans for which they have rescinded coverage. In those cases where mortgage insurance was obtained and the mortgage insurer has