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Thread: PMI insurance, where did it go?
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10-19-2008, 06:51 AM #1
Kevin Luce Guest
PMI insurance, where did it go?
My wife was reading the paper this morning and somebody local asked about the PMI that is being paid and why these companies are not paying out when those people are defaulting on the morgages. It just seems like we are not hearing about it.
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10-19-2008, 08:39 AM #2
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Re: PMI insurance, where did it go?
I can't tell you about who is paying or not on covered mortgages, but many of the loans made over the last few years did not have PMI.
Many were structured with an 80% first and 20% second mortgage thus avoiding PMI.
The 20% carried a slightly higher APR but it was still cheaper than PMI to the buyer.
Of course, the companies writing and/or carrying the 20% second have mostly disappeared since they were in a second or subordinate position when the house foreclosed so 100% of their interest in the collateral (the house) evaporated.
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10-19-2008, 11:57 AM #3
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Re: PMI insurance, where did it go?
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Originally Posted by Kevin Luce
One of the companies that hold PMI. some others went under. UG Direct
It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
Billy J. Stephens HI Service Memphis TN.
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10-21-2008, 09:13 AM #4
Randy King Guest Re: PMI insurance, where did it go?
As expressed by Jim, most of the mortgages that have been processed over the last 5-10 years were done without PMI. Two seperate mortgages so to speak and when you have enough equity in the home or have enough down you can roll it over into one mortgage.
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