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"PMI Insurers May Owe Thanks To Piggy-Back Mortgages
Tue, 13 Nov 2007 08:44:10 EST
It is one of the small ironies of the subprime crisis that the very competition that private mortgage insurers thought was ruining their bottom line may have actually saved their hide.
Just a little over two years ago - August 9, 2005 to be exact - we wrote about the panic in the headquarters of many companies that write private mortgage insurance (PMI) as they watched their revenues decline as more and more homebuyers caught on to the utility of "piggy back" mortgages.
Well, talk about dodging a bullet..."
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