Mortgage insurers report surge in defaults

Spike blamed on major lender's reporting policies

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A major lender’s change in reporting policies helped drive a 71.2 percent annual increase in defaults reported in April by major mortgage insurance companies, but represents a "one-time adjustment" in a market that "is returning to fundamentals," an industry group said.

In a monthly report, the Mortgage Insurance Companies of America said its members reported 73,880 defaults in April, up from 43,161 a year ago and also besting the previous 12-month high of 68,950 seen in January.