Colli Real Estate

Please Explain:Why didn’t my PMI Insurance Companies bail out these banks?

I am forced to pay an extra $50 a month on my mortgage for PMI. This “Private Mortgage Insurance” goes to the banks to recoup losses due to foreclosures. What did Triad and other PMI Providers have to do for this bail-out? Is this just a bogus surcharge? Why didn’t they fulfill their insurance obligations? I am about to start working on a class-action suit for this bogus fee.
So why not take the $50 a month and put it towards my balance so I don’t owe as much? That way I will have an 80% or less LTV.
I understand the reasoning behind have PMI. I know this doesn’t protect ME from foreclosure, it is insurance for the bank.

Well, PMI only pays out AFTER THE HOUSE IS FORECLOSED. And we’re not talking about houses that are getting foreclosed on here, we’re talking about the issue of no one wanting to buy the sub prime mortgage. It’s not the HOUSE causing the issue! It’s the fact that no one wants to buy the mortgage – meaning that the paper value of the mortgage, is ZERO. No market value. It’s still WORTH something! People are still paying their mortgages, and the property the mortgage is on, is still WORTH something! So it’s all a PAPER loss, not a real loss.

PMI is only to cover the mortgage holder for a loss, AFTER FORECLOSURE. It doesn’t “guarantee” that someone is willing to buy the mortgage papers. Which is what the deal is about.

The american taxpayer, is being punished here.

The “issue” is, the American government (congress, senate, and president) want credit to still be available, to people who are not credit worthy. So, in order to keep being able to give loans to high risk people who can’t afford the loans, we’re somehow going to cough up $700,000,000,000.

Me, personally, I don’t want to cough up that money for a bailout, OR a cash payout to people with mortgages. I think that people who have spent beyond their means need to face the natural consequences. Because now, the GOVERNMENT is spending beyond it’s means, and the consequences for THAT are really too horrible to think about.

Mortgages : How to Get a Loan Without Private Mortgage Insurance (PMI)

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