[20010215]97-373_私人抵押保险：取消选项.pdf

Congressional Research Service ? The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code 97-373 EUpdated February 15, 2001Private Mortgage Insurance: Cancellation OptionsBruce E. FooteAnalyst in HousingDomestic Social Policy DivisionSummaryIf home mortgage borrowers are unable to make downpayments of at least 20% ofthe homes purchase price, lenders generally require that the borrowers obtain some typeof mortgage insurance. In response, the borrowers either obtain private mortgageinsurance (PMI) from mortgage insurers or, when eligible, insurance from a federalgovernment agency. In recent years, the majority of borrowers who need mortgageinsurance have obtained PMI.The purpose of PMI is to protect the lender or secondary market investor from lossif the borrower defaults on a low-downpayment loan. As the borrowers equity in theproperty increases, the risk of default decreases. The lenders or investors risk of lossdecreases as the borrowers equity increases, and a point is reached where the mortgageinsurance is no longer justified by risk.Reportedly, there was widespread industry practice of requiring and collectingmortgage insurance premiums from borrower