More defaults on insured mortgages

Posted by: Peter Coy on September 28, 2007

Defaults by borrowers with private mortgage insurance rose 30% in August from a year earlier, according to new numbers from Mortgage Insurance Companies of America. There were 58,441 defaults this August vs. 44,918 a year earlier.

The trade association’s numbers come from members AIG United Guaranty, Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Co., Republic Mortgage Insurance Company and Triad Guaranty Insurance Corporation.

If you want to see them for yourself, click on this link, then scroll to the bottom, download the .pdf or .xls attachment, and look for the primary insurance defaults column.

 

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BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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