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To: reaper who wrote (192107)	9/16/2002 10:24:08 AM
From: ild	Respond to of 436258

It looks like that have lost their most stable business: people making less than 80% down payment. Now people take 80/10/10 or 80/15/5 mortgages and avoid PMI. But that means many second mortgages will be wiped out. Are there lenders that specialize in seconds? EDIT: What's your target for PMI cos? Zero as usual? -g-

To: reaper who wrote (192107)	9/16/2002 11:10:17 AM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

<<i am also going to re-iterate my opinion that there should not be a sub-prime lending industry. for MTG to make money in a 12% default environment, sub-prime borrowers have to pay insanely high rates for interest and mortgage insurance. it is ridiculously costly for the 88% of sub-prime borrowers who do make their payments to subsidize those who don't. so much so that the only ones gaining anything out of this whole arrangement are the defaulters and the providers of credit; the sub-prime borrowers who actually DO pay are having what little wealth they have stolen from them.>> Or to put it more succinctly, there are a HELL of a lot of people out there buying who'd be much better off renting!<NG>