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What happened to PMI?

HMTKSteveHMTKSteve
edited April 2008 in Politics
PMI - with all of the troubles in the mortgage industry why is no one talking about PMI?

Comments

  • WallyBmanWallyBman
    Um, I no longer have to have PMI. If I'm not mistaken, you only are required to have PMI when you owe more than 80% of the value of your home. When I got down to 79% owed, my monthly mortgage payment went down over $120. Hell, I would have a harder time making ends meet if I were paying for PMI.
  • spiritfiendspiritfiend
    edited April 2008
    PMI was supposed to save the banks from people who couldn't pay. I think the question should be, why is the government bailing out these mortgage companies (welfare) when they are supposed to be looking out for themselves?
    Post edited by spiritfiend on
  • HMTKSteveHMTKSteve
    PMI was supposed to save the banks from people who couldn't pay. I think the question should be, why is the government bailing out these mortgage companies (welfare) when they are supposed to be looking out for themselves?
    That is exactly my point.
  • KilarneyKilarney
    edited April 2008
    If you had more than 20% equity in your home, then you no longer needed to carry PMI. Housing prices went way up. People gained equity and dropped PMI. Housing prices came way down...
    Post edited by Kilarney on
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