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Economy and General Discussion
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Re: Role of Private Mortgage Insurance?
Posted by: Mish
Date: 11/14/2007 11:38AM
Wendy PMI insurance covers the difference (and only the difference) between 20% down and 0% down (at the time of the purchase).
The insurer is on the hook for that 1-20%. Someone else is responsible for the rest. The belief on a lot of these garbage loans was that losses would not exceed 20%. Well they have.
Mish
The insurer is on the hook for that 1-20%. Someone else is responsible for the rest. The belief on a lot of these garbage loans was that losses would not exceed 20%. Well they have.
Mish
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