Here's what I'd like to know - is there any publications on re-fi's that will tell how many of them are requiring mortgage insurance to qualify? Would it be the same thing as a regular new mortgage?
Would I be correct that if it is a distressed mortgage, then the obligation is gone from the mortgage on the old loan? And would I further be correct that if they qualify for the re-fi, then the odds are very great that they have a paycheck that will support the new loan?
If I'm right on the questions above, then this sounds like the golden parachute to MTG to me, I'm more bullish than ever.