Mortgage Insurers See Borrower Defaults Jump

"Mortgage insurers saw defaults on mortgages they insure soar in September, as the number of applications received by insurers tanked. The data is the latest to show that the nation’s housing mess has yet to correct itself. According to the Mortgage Insurance Companies of America, a trade organization, 76,776 primary insurance defaults were recorded among member companies in September, up from 72,818 one month earlier and well above the 54,699 recorded in Sept. 2007."