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Mortgage insurance is an insurance that is paid to the lender to offset their losses where a borrower is not able to repay their loan. All borrowers who are not able to put down 20% of the loan must obtain this mortgage insurance called PMI. Then once the home owner over time reduces their principle to 80% of the value they may request to have this insurance cancelled…Now let’s just say that Bank of America, or any other big bank corporation for that matter, decided during this mortgage fiasco to purchase the Mortgage Insurance Companies! Would it really honestly matter much to these banks anymore to allow you the homeowner, who has a legitimate financial hardship, the dignity of a short sale?  I want everyone to think on this for a minute and then tell me what you think.