Another great "innovation" these past few years is the 80/10/10 piggyback, where you could borrow 100% of your home purchase, and avoid PMI.
What great thinking! Who needs stinking insurance! A relic of the past!
Tell that to the hedge funds, pension funds, foreign countries and everyone else that will get killed during the mortgage meltdown. With PMI in place, investors would have been protected against default.
No more.
World - you're on your own. We figured out a way to game the system and make you the bag holders. Countrywide, IndyMac, American Home Mortgage and the rest of the mortgage conmen on commission found a way to enrich themselves short term, and leave you holding the bag.
You ain't gettin' paid back. Now deal with it.
