Newly delinquent homeowners outnumbered those who caught up on overdue payments for a 26th straight month in May, according to a trade group that tracks loans to people who put down less than 20 percent.
In the worst housing slump since the Great Depression, 67,967 homeowners with mortgage insurance fell at least 60 days behind on their loans, compared with 40,687 who got back on track, the Mortgage Insurance Companies of America reported today. Borrowers who take on debt of more than 80 percent of a home's value are often required to buy coverage that pays lenders if they default.
``There's no doubt that 2008 is going to continue to be a challenging year,'' said Michael Fraizer, chief executive officer of Genworth Financial Inc., the fourth-largest U.S. mortgage insurer, at a conference in London last week.
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