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%.
Copyright 2004 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.mortgageservicingnews.com