According to the Mortgage Insurance Companies of America, loan defaults hit a record 61,000 in the month of November, a 35% increase from November 2006. PMI insurance is typically required when a borrower takes out a loan within 20% of the appraised value. Over the last few years, many lenders have avoided this by issuing a second loan to cover the 20%. But with record defaults, lenders have been much more reluctant to issue a second loan. PMI applications for November 2007 were up 65% from November 2006.
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