REALTOR® Magazine-Daily News-Defaults on Insured Mortgages Rise

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Daily Real Estate News | August 3, 2009 | Defaults on Insured Mortgages Rise
A mortgage insurance trade group reports that its member organizations are seeing an increasing number of late payments, but more borrowers are catching up.

Mortgage Insurance Companies of America reported that 88,362 borrowers with private mortgage insurance were at least 60 days late in June, up about 1 percent from May and up 30 percent from June 2008.

Mortgages that borrowers brought up date in June totaled 51,908, down 1 percent from May, but up 20 percent from June 2008.

Trade group members include: American International Group’s United Guaranty Corp., Genworth Financial Inc., MGIC Investment Corp., Old Republic International Corp., PMI Group Inc., and Radian Group Inc.

Source: Reuters News (07/31/2009)