If you have no signs or arcing or shorting then my guess is your thermistor was not working in the heat bed and your bed was getting way to hot and not turning off causing it to draw to much constant power and heating up the wire to melt down.
How old is the machine? I would contact MBI, they need to know that your machine almost caught on fire and no safety had triggered to prevent this. They may replace the HBP and even he board to be on the safe side. When you call them just be nice, but still concerned and surprised. They don't respond to people giving attitude well.
I know if I saw that and almost had a fire in my house I would be concerned.
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