Mortgage Defaults Up a Staggering 37 Percent

Toronto Star (05/01/08)
Mortgage Insurance Cos. of America says default rates for home loans carrying private mortgage insurance recorded their 15th consecutive jump in March. Defaults on these loans surged 37 percent to 58,131 from 42,362 during the year-over-year period ended in March. Over the past year, the housing slump caused a drop in market share of more than 75 percent for the nation's three largest mortgage insurers.