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Mortgage defaults rose in July

The mortgage insurers reported that mortgage defaults rose 1.4% in July 2008. The Mortgage Insurance Companies of America are reporting that last month its lenders reported 68,831 defaults. Mortgage defaults were falling for the previous two straight months before rising again in July. Total primary insurance in-force is almost $802 billion. Information is based on the numbers from American International Group Inc. (AIG), Genworth Financial Inc. (GNW), Mortgage Guaranty Insurance Corp. (MTG), PMI Group Inc. (PMI) and Old Republic International Corp. (ORI) which are the largest mortgage insurers in the country.

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