Why doesnt anybody ask the banks.....

[DennyCrane+]

what have they done with all those years of PMI pmts?

What is PMI?
PMI is an abbreviation for Private Mortgage Insurance. This is special insurance that lenders force higher risk borrowers to pay to protect the interests of a bank in case of default. PMI is only applicable in very specific instances, most often when you are borrowing more than eight percent of your home’s fair market value.

 

[MikeB]

Good question. I know that I paid it for a couple of years. They never needed to use this "insurance", but what about everybody else.

 

[Doug]

what have they done with all those years of PMI pmts?

What is PMI?
PMI is an abbreviation for Private Mortgage Insurance. This is special insurance that lenders force higher risk borrowers to pay to protect the interests of a bank in case of default. PMI is only applicable in very specific instances, most often when you are borrowing more than eight percent of your home’s fair market value.

eighty ?

 

[mamatried]

I don't know, but I'm guessing they used this money to cover the worthless CDSs that were supposed to cover the bad loans.

 

[DennyCrane+]

The banks have cheated people for years and no one should have to make this pmt to them after this bailout. We have been so brain washed in this country we dont even get upset anymore. Other nations would have riots in the street.

 

[AlwayzRight]

what have they done with all those years of PMI pmts?

What is PMI?
PMI is an abbreviation for Private Mortgage Insurance. This is special insurance that lenders force higher risk borrowers to pay to protect the interests of a bank in case of default. PMI is only applicable in very specific instances, most often when you are borrowing more than eight percent of your home’s fair market value.

EXCELLENT QUESTION...if all these people cant pay ther mortgagte why is THIS not taking care of it?

 

[GasMan]

Part of the subprime lending crisis and strongarm tactics by Obama and ACORN restricted banks from charging PMI for FM adn FM loans.

Why dont you ask Obama and his crooked ACRON operation.

 

[C-Gold]

Yeah, but those low income minorities are entitled to free homes.

 

[DennyCrane+]

Banks have been charging pmi for years, and there are still millions of people paying it. It leads me to believe that instead of putting it in a special account the banks just spent that money. Let those banks fail. Plenty of other banks are thriving right now, plenty of banks in other countries would love some of our action.

 

[MikeB]

Banks have been charging pmi for years, and there are still millions of people paying it. It leads me to believe that instead of putting it in a special account the banks just spent that money. Let those banks fail. Plenty of other banks are thriving right now, plenty of banks in other countries would love some of our action.

Agreed.

I went through a Credit Union when I bought my house. They have never sold a Mortgage, and they are financially strong.