Many factors could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements . Such factors include , among others , national or regional recessions , and further deterioration in the housing , mortgage and related credit markets . In particular , declines in housing values and / or housing demand , deterioration of borrower credit , higher unemployment rates , changes in interest rates , higher levels of consumer credit , higher mortgage default and claim rates , lower cure rates , higher claim sizes , the aging of our mortgage insurance portfolios , adverse changes in liquidity in the capital markets , the inability of loans servicers to process higher volumes of delinquent loans , the further contraction of credit markets and the failure of conditions relating to any of these factors to improve , could negatively affect our losses . Readers should not infer that the lowering of our paid claims guidance for 2008 represents any particular trend for paid claims in 2008 and 2009 . Readers are cautioned that paid claims is only one component of U.S. Mortgage Insurance Operations ' total losses . Other components include loss reserve increases and loss adjustment expenses and such components have significantly increased in 2008 and could continue to increase significantly in the future , thereby causing U.S. Mortgage Insurance Operations ' total losses to continue to increase . Other risks and uncertainties are discussed in our SEC filings , including our Annual Report Form 10-K for the year ended December 31 , 2007 ( in Item 1A ) and our Quarterly Report on Form 10-Q for the quarter ended September 30 , 2008 . We undertake no obligation to update forward-looking statements .