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 Short covering rallies  according to Bloomberg are responsible for GGP's growth  (of course, since the fundamentals are getting worse, not better) and Defaults on Insured Mortgages Rise 38% in February. Defaults on privately insured U.S. mortgages rose 38 percent in February for the 14th straight month as record U.S. foreclosures forced the industry to reimburse lenders for more bad loans.