As far as I know, most houses bought at the top of the bubble do NOT have mortgage insurance. Up until 2007 it was not tax deductible and it was preferable to get a second mortgage to cover the down payment, a so-called 80/20 scheme.
Nevertheless, mortgage insurance companies are in much pain. Two big companies are PMI and MGIC. If you bought 100 dollars worth of stock of either of these companies in early 2007, you’d have less than 10 today.
