The ABC’s lateline featured a story on Mortgage Insurance Claims in Australia. It seems they have been accelerating at great pace.
One of the leading indicators of the health of Australian property market is the rate of mortgage insurance claims. Mortgage insurance pays out to lenders when their clients default on their mortgages. And as figures from the Australian Prudential Regulation Authority show, that rate has been going up dramatically. In 2005, $49 million dollars was claimed. That figure quadrupled in 2006. And recently released figures show that last year it doubled again.
» Mortgage insurance claim concerns – ABC Lateline, 1st October 2008.