A rating firm reported today that 2007 will probably add up as one of the worst underwriting years in the modern history of the U.S. mortgage industry.

Fitch Ratings, in an update to its June 2007 finding "Across the Board Delinquencies Are Up," said the mortgage insurance industry, despite steps to improve business prospects, is not over its troubles and they may, in fact, get worse before they improve.

Its report concluded that the mortgage insurance industry "will continue to post significant losses well into 2009."

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