Mortgage crisis drives home value of PMI

The blame game for the development of the current mortgage crisis is now in full swing, and, with one exception, no major participant escapes unscathed:

• Lenders and investment bankers drastically relaxed their underwriting standards in response to the euphoria associated with rapidly rising home prices during 2000-2006. They approved loans that could not possibly be repaid without an indefinite continuation of house-price inflation.

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  Copyright 2008 Jack Guttentag

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