It has been said that mortgages with PMI insurance are generally prime loans. Although I doubt the validity of that assessment, the number of borrowers with PMI attached to their loans, and in some form of defualt, continues to rise. Borrowers who opted to carry Private Mortgage Insurance (PMI) on their homes set a record as 61,300 borrowers were at least 60 days or more on their mortgage payments. The 34.7 percent increase in defaults reflects on the inability of home owners to keep current on their loan payments.
