I saw your previous post, and have been trying to remember where I read that relaxing the requirement for PMI was part of the “Re write” during the Clinton assault on the Mortgage Industry later in his misAdministration. I cannot remember the title of the article now, but it was posted here within the past week IIRC.
Specifically the article (I’m Paraphrasing here of course) mentioned that the costs of insurance to the disadvantaged loan applicants was too much and had to be eliminated to allow the applicants to focus on the loan repayment.
I recall an uncontrollable facial contortion upon reading that.
My next-door neighbor, who happens to be a brand new rillastate agent, mentioned to me that someone had asked him about this yesterday.