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by CareyBot

Issuance of private mortgage insurance policies fell by 7.6 percent in November compared to the month before, even as defaults continued to climb. That's according to the latest numbers from a trade association representing the private mortgage insurance industry, the Mortgage Insurance Companies of America (MICA). Primary insurance defaults totaled 61,033 in November, MICA said, up 2.9 percent from October and a 34.6 percent increase from the 45,325 defaults recorded in November 2006. Some 161,957 private mortgage insurance policies -- which lenders typically require when borrowers make down payments of less then 20 percent on a home purchase -- were issued in November. That's down from the October total of 175,383, but represents a 55.8 percent increase from the same month a year ago, M...