Newly delinquent home borrowers with insured mortgages outnumbered people who caught up on their overdue payments by almost 2 to 1 in September, an industry trade group said Friday.
The number of homeowners who defaulted on privately insured mortgages reached 76,776 in September, the most since the Mortgage Insurance Companies of America changed its methodology for tallying the figures in April.
The Washington trade group said 41,400 homeowners covered by its members got their loan payments back on track.
Mortgage insurers have faced mounting losses this year as a record number of homeowners fell behind on payments.
Triad Guaranty Inc., for example, stopped selling policies in July after capital to fund claims from new business ran short.
The figures from the trade group are not comparable to any month before April because Triad, the smallest of the six companies that provided data to the group, stopped supplying information on its existing customers in July.
Triad and the top two mortgage insurers — MGIC Investment Corp. and PMI Group Inc. — have lost more than 80% of their market value this year through Thursday.
