Oh my goodness!!! In the early eighties when the economy fell. Everyone lost their jobs! Here in Alalska we feel the impact about 3 years after everyone else does. Any way we had PMI and didn't even know what it was. In fact we had 2 PMI's. LONG story short PMI saved our home. Everyone we knew lost their home but us. We just keps shaking our heads in disbelief that our home was saved. They paid 8 months of house payments for us. We looked at that as a miracle!!! And we paid it all back!