Political Quotes

John Hansen: “What is PMI? What is private mortgage insurance? It is a good thing, and I am grateful that the lending institutions…”

On the recordJuly 14, 1998
What is PMI? What is private mortgage insurance? It is a good thing, and I am grateful that the lending institutions have come up with this creative way in which to help people who could not pay at least 20 percent down on their loans. So they get into these things, they buy the house, they are elated, they are given the key to the house, this is a big moment, and they walk in. Then after that goes away after a short time, they start looking at that payment bill that comes in. Anywhere between $20 to $100 they see every month, and say, what am I paying this for? They find that they are paying private mortgage insurance. When we think of insurance, we think of something that we buy to help us. This is not the case in this instance. This is something we buy to take care of the lender in case we do not make our payments.
Said by
John Hansen
Iowa
Source
govinfo.gov

Editor's note · Context

Discussing private mortgage insurance and its implications for homeowners.

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