Bloomberg (06/30/08); Holm, Erik
The Mortgage Insurance Companies of America says 40,687 homeowners with private mortgage insurance became current on their mortgage payments in May, but 67,967 became delinquent--marking the 26th consecutive month that new delinquencies exceeded the number of borrowers once again on time. The group notes that year-over-year figures are not available due to a change in calculations by one mortgage insurer the prior month. The report shows a 48-percent decline in new mortgage insurance policies in May, attributable to stricter standards to curtail default-related losses.
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