4 ms·
When I worked in mortgages in a previous career, we had a presenter talk to us about Private Mortgage Insurance (PMI). Back in the day, banks by default would j
by MeinBlutIstBlau 5y ago
When I worked in mortgages in a previous career, we had a presenter talk to us about Private Mortgage Insurance (PMI). Back in the day, banks by default would just tack it on as an extra insurance for them in case you were to default. You're basically paying insurance against yourself to cover the banks losses. Once it was added, it was basically permanent for the life of the loan.
Then one day, a senator I think from Utah was asking about his his costs after signing. The bank explained to him that it was PMI and he couldn't remove it.
Thanks to that situation, PMI cannot be enforced if the loan to value ratio is below a specified threshold and the banks cannot force it on you if you meet that threshold prior to closing or after you reach it.
In a nutshell, this is what needs to happen before a lawmaker bothers.
- xwdv 5y agoThis is why it’s important for many of the software engineers from hackernews to consider a career in politics after reaching a certain level of wealth and seniority in their career. If some of the greatest minds in the tech industry can rise to positions of power in government we can build a better world the way we know it should be, rather than hoping decrepit politicians come around to good ideas eventually.
- greedo 5y agoUnfortunately, most businesses will only react to three things; stuff that makes them money, stuff that costs them money, and laws that are enforced effectively. Look how hard Apple is fighting against allowing alternative payment systems for apps. And against Right to Repair. Yet they start to budge a bit when lawmakers make them feel uncomfortable, or even pass laws (though most of Congress isn't really interested in the legislative side of the job.)