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Daily Real Estate News  |  June 29, 2009  |   PMI to Offer Greater Support for Refinancing
PMI Group Inc. plans to offer greater support for borrowers attempting to refinance, in a move that could lower the risk of default for struggling home owners.

The Walnut Creek, Calif.-based private mortgage insurer is allowing borrowers to keep their current PMI policies even if their original loans were not owned or guaranteed by Fannie Mae or Freddie Mac.

Also, borrowers will be able to obtain coverage for new, refinanced loans -- even if the value of the property has fallen since the original loan was insured.

Source: American Banker, Kate Berry (06/26/09)

© Copyright 2009 Information Inc.

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