Home mortgage defaults rose 22% in September.

“The speed and the depth of the deterioration we saw in the third quarter, and in particular the month of September, was greater than we had expected,” said Stephen Smith, the chief executive officer of PMI Group Inc., the second-largest mortgage insurer, in a conference call yesterday.”

Really? It was no surprise to anyone at The Consumerist offices. Maybe PMI should read the papers more often.

[via Bloomberg]
(Photo: AP)

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