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re: PMI: Someone explain this to me again?
Posted on 3/31/09 at 8:55 am to coloradoBengal
Posted on 3/31/09 at 8:55 am to coloradoBengal
quote:
Okay. But doesn't that mean the bank still gets its money?
I could be wrong, but I believe there are two issues involved. First, many lenders dropped a second loan so that PMI would not be incurred. Second, many of the PMI companies are troubled financial entities.
eta: its also insurance. Which is a total scam. We will take your money, but not pay it out when we owe it.
This post was edited on 3/31/09 at 9:03 am
1
Posted on 3/31/09 at 9:01 am to MileHigh
most of them are going under.
and they are just covering the part over 80% is my understanding.
and they are just covering the part over 80% is my understanding.
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