CNNMoney (09/30/08); Kuykendall, Lavonne
The Mortgage Insurance Companies of America reports a decline in new mortgage insurance demand to a one-year low of 65,546 applications in August, versus 86,734 the previous month and 206,457 in August 2007. The report also shows a decrease in newly issued policies to 53,746 from 70,588 on a month-to-month basis, with the value of these policies down to $10.2 billion from $12.3 billion. Over the same period, the number of defaulted mortgages made compliant rose to 41,783 from 39,229; and defaults climbed to 72,818 from 68,831.
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