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Pay 100% house insur. Premium, get 60% coverage, 40% IOU. Sound Fair to you?

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dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 11:26 AM
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Pay 100% house insur. Premium, get 60% coverage, 40% IOU. Sound Fair to you?
Edited on Fri Apr-03-09 11:28 AM by dixiegrrrrl
Imagine paying full premium for an insurance contract, and receiving only 60 percent on any claim you make — that’s the unsavory situation now being faced by both Fannie Mae and Freddie Mac ),
as well as a bevy of private-market lenders, on their mortgage insurance contracts with troubled mortgage insurer Triad Guaranty Inc.

Link to full story at housingwire.com

http://www.housingwire.com/2009/04/02/mortgage-insurance-woes-grow-for-fannie-freddie/

edited to add: This is for PMI ( Private Mortgage Insurance) not Homeowner's Insurance against
damage, etc.
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