Since things are tough all over, some businesses are turning to innovative ideas to shore up their bottom lines. One of the most innovative is the mortgage insurance industry’s effort to deal with the liabilities they face today because of past sales of private mortgage insurance, or PMI, policies.
PMI is the insurance that mortgage lenders purchase, or cause their customers to purchase, when the home buyer cannot make a down payment of 20 percent. It typically protects the lender in the event of default.
Read the full article: Another View: Rewriting History in the Mortgage Crisis