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jsarno · 09-26-2008, 11:14 AM

I HATE this decision. Here I am, making wise decisions, and I have a credit rating of over 750, my wife nears 800, while others make poor decisions with poor credit ratings. Some of this problem came due to the fact that the general public's credit ratings have been dropping over the years, and in order for Mortgage companies to survive, they had to take these chances. What I do not understand at all is the fact that when I first bought my house, I had to pay PMI (private mortgage insurance) cause my loan was more than 80% of my house's worth. So if I defaulted, it would have been covered by the PMI. What the hell happened to that?

09-26-2008, 11:14 AM	#12
jsarno Franchise Player Join Date: Mar 2004 Location: 31 Spooner St. Age: 51 Posts: 9,534	Re: $700 B Bailout I HATE this decision. Here I am, making wise decisions, and I have a credit rating of over 750, my wife nears 800, while others make poor decisions with poor credit ratings. Some of this problem came due to the fact that the general public's credit ratings have been dropping over the years, and in order for Mortgage companies to survive, they had to take these chances. What I do not understand at all is the fact that when I first bought my house, I had to pay PMI (private mortgage insurance) cause my loan was more than 80% of my house's worth. So if I defaulted, it would have been covered by the PMI. What the hell happened to that? __________________ Zoltan is ZESTY! - courtesy of joeredskin