chinaco
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 14, 2007
- Messages
- 5,072
Barrons Article about the PMI Industry.
The Next Mortgage Bombshell - Barrons.com
MBS, PMI, Shortsales, Foreclosures.... what a complicated mess. No wonder it will take years to clear the mess up.... untangling who owns what and who owes what looks like a nightmare.
The next domino likely to topple is the so-called private-mortgage-insurance industry, which permits buyers to purchase homes without making a full 20% down payment. Private mortgage insurance covers the first 25% of a mortgage's value against default, plus accrued interest. Some $700 billion of U.S. mortgages carry such insurance, with most of it owned by Fannie Mae and Freddie Mac and backed by the federal government.
The Next Mortgage Bombshell - Barrons.com
MBS, PMI, Shortsales, Foreclosures.... what a complicated mess. No wonder it will take years to clear the mess up.... untangling who owns what and who owes what looks like a nightmare.