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re: PMI: Someone explain this to me again?
Posted on 3/31/09 at 4:14 pm to Cash
Posted on 3/31/09 at 4:14 pm to Cash
quote:
The way a lot of sub prime loans were structured they didn't require PMI, for example 80/20 loans.
Exactly, let's say that I get an appraisal at the top of the market at 600k, and then take out a loan for $480k (80%) and therefore avoid mortgage insurance. If the value today is 400k (33% drop in value) and I walk . . . the bank takes the hit for 80k.
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