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MI Defaults Outpace Cures

The members of the Mortgage Insurance Cos. of America here wrote $19.3 billion of new primary mortgage insurance in May, down slightly over 1% from April's $19.4 billion.

In addition, they reported more defaults than cures in May.

There were 33,928 cures and 39,188 defaults in May, for a cure/default ratio of 86.6%. This is down from 90.6% in April, but a slight increase over May 2003's 81.3%.

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