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Mortgage Insurance Defaults are Outpacing Cures.(Brief Article)
Not surprisingly, given the Mortgage Bankers Association of America has reported that foreclosure rates have reached a record high, defaults are outpacing cures on private mortgage insurance policies, according to the industry's trade group.
In the month of July, the Mortgage Insurance Co.'s of America reported that MI companies saw 46,962 defaults and 36,564 cures.
The number of new defaults has outpaced the number of cures for four months in a row now, according to MICA.
Moreover, mortgage insurers only saw 77.9% as many cures as defaults in July, a sharp drop from the month of June, when the cure-to-default ratio was 86.4%.
The rising number of defaults may be contributing to problems for mortgage insurance industry stocks, which have declined markedly this summer despite at least one favorable analyst ...
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