How the heck can banks have needed bailouts if...?

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teal
Asked at 2012-07-24 12:58:02
How the hell can bank bailouts have needed if all people who had these home loans that defaulted , if necessary to have PMI insurance ? PMI insurance is insurance to offset losses in the event that a debtor can not repay the loan and the lender is unable to recover its costs after foreclosure and sale of the mortgaged property . It makes no sense cursed. PMI says it is a fraud. That's like me, who offers car insurance and then says , are not going to cover, even though we paid for it .

Can anyone shed some logical sense in this?
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