The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: Neeka	10/6/2008 11:12:24 PM
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I have a few questions for the thread. And because I've never been in this position, I'm not sure what the law is, or about what could be considered "regular practice" From what I understand, if a new homeowner doesn't put down 20% or more on the purchase of a house, he/she is required (by law?) to carry mortgage insurance. Sub-Prime loans were given to people who did not or could not come up with a down payment. Were they required to carry Mortgage Insurance, and if so, why isn't their carrier stepping in to help? I'm thinking it has a lot to do with AIG............main Mortgage Insurer?? but I'm just not familiar enough with the process to know.

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