Over the past nine months Freddie Mac has received $658 million from mortgage insurance firms to cover losses on delinquent loans, but in a recent public filing the government-sponsored enterprise revealed that if the mortgage insurance industry collapses its risk exposure would be $63.4 billion.

Eight different mortgage insurance firms have written policies on Freddie loans, with MGIC Investment Corp. and Radian Group Inc. being the two largest in terms of outstanding coverage. MGIC has $15.5 billion of coverage, while Radian has $12.1 billion.

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