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Mortgage Insurance Defaults Outpace Cures This Year.(Brief Article)(Statistical Data Included)
During the first seven months of 2001, the nation's mortgage insurance companies reported 260,000 new defaults and 213,410 cures.
That gave the industry a cure-to-default ratio of just 82%, similar to last year's level, but well below the ratios that prevailed during the boom years of the 1990s.
A rising default rate also suggests that credit quality problems are seeping into the mortgage industry.
Meanwhile, on the loan origination side of the business, the mortgage insurance industry continued to report strong business this year.
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