Defaults on privately insured U.S. mortgages rose in February

NEW YORK, March 31 (Reuters)

Defaults on privately insured U.S. mortgages rose 38.1 percent in February, as a growing number of homeowners failed to keep up with their loan payments.

The Mortgage Insurance Cos of America on Monday said 60,911 insured borrowers were at least 60 days late on payments in February. That is up from 44,111 a year earlier, but down 11.7 percent from January's record 68,950.

On March 27, Radian Group Inc (RDN.N: Quote, Profile, Research), one of the largest mortgage insurers, said its main unit would no longer insure home loans where borrowers cannot document income or assets, citing the loans' "poor performance."

I had to double check the dateline. That should have been written in March 2007. Talk about slow learners!