"The PMI companies pressured Congress and did get a limited short-term income tax deduction for PMI premiums but borrowers continued to flock to piggy-backs.
Well, talk about dodging a bullet. There were probably hundreds of thousands of buyers who opted for a piggy-back arrangement rather than PMI in the last half dozen years. The Federal Reserve has reported that 22 percent of new loans written in 2005 and 2006 used the second mortgage approach. Think of all of the potential foreclosures for which the PMI companies are not going to be on the hook....." Private Mortgage Insurance
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