Good Article -I do think it’s important to never assume that any legislation’s intent is to "help" the general public in the same way that you or I may think of help. I think it’s more accurate to define it as "protect",ie: protect from the mortgage company that is loaning you a very large amount of money and thus taking advantage of you by charging interest, protect from big business and even protect from ourselves. Quite simply put: To do for us what we supposedly cannot or do not do for ourselves. Many years ago, a 20% down payment was required on every loan, but there was a public outcry that only the rich could get loans. So throughout the years leading up to today, hundreds of programs have been introduced to reach out to the underserved segments of society. PMI does serve a useful function by enabling the public to get loans with less money down, and the "drop off" period is a perfect example of the government "protecting" the public by a "guarantee" that does not measure up to personal vigilance and responsibility. I have been in the mortgage business for 17 years, and you would be surprised at the number of people I have helpd get a mortgage loan that were more concerned with whether the government was offering them a special program or they were getting some sort of guarantee than whether they were getting the very best deal for themselves in the long run.