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...
...