U.S. insured mortgage defaults up 31 pct to record
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Late payments, Mortgage Defaults, Mortgage Insurance March 1st, 2008NEW YORK, Feb 29 (Reuters) - Defaults on privately insured U.S. mortgages rose 31.3 percent in January to the highest level on record, as more homeowners failed to keep up with their loan payments.
The Mortgage Insurance Cos of America said on Friday 68,950 insured borrowers were at least 60 days late on payments in January, up from 52,528 a year earlier, and up 7.1 percent from December.
Defaults have topped 60,000 for three straight months, a level not previously reached since data were first tabulated in 2001. Late payments are often a precursor to foreclosure.
Private mortgage insurance lets people buy homes with down payments of less than 20 percent and guarantees lenders will be repaid even if borrowers default.
Tags: Late payments, Mortgage Defaults, Mortgage Insurance
