Posted by Matt from CT on September 26, 2008 at 17:57:46 from (68.245.181.16):
In Reply to: Re: Bailout solution posted by bradley martin on September 26, 2008 at 16:12:35:
Let the banks figure out how much insurance they want to pay for. It's there money, and directly impacts what the securities would be worth.
The Feds would be running a pool insuring that the principal and/or interest will be paid over the next 15 to 40 years, and if it's not paid that the money collected from the foreclosure will cover it. The value of the Mortgage Backed Security should adjust pretty rapidly to (at least) the insured value.
There was a time we had stuff called Primary Mortgage Insurance (PMI) to help manage this risk. Then the mortgage lenders, without being stopped, started playing games like having an 80% primary mortgage and immediately putting on a 20% second mortgage so you could get around downpayment and PMI requirements. Doofuses.
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