Defaults on Insured Mortgages Rise 31 Percent

2008 February 29

Defaults on privately insured U.S. mortgages rose 31 percent in January from the same period a year earlier, the 13th straight monthly increase, an industry report today showed.

Insured borrowers falling more than 60 days late on payments rose to 68,950 last month from 52,528 a year earlier, according to the Washington-based Mortgage Insurance Companies of America. Defaults last fell in December 2006.

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