Troubled home loans didn’t require mortgage insurance
WASHINGTON — If the problem threatening to take down the economy is bad mortgages, then why isn’t mortgage insurance taking care of it?
In the 1980s and 1990s, most home buyers could not get a mortgage with a down payment less than 20 percent unless they bought private mortgage insurance, or PMI. This insurance covers the lender in case the borrower can’t pay. It wasn’t cheap (about $150 a mon...
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