I've been looking forward to temporary partial relief since election day 2000, but every time I think it might almost be here, I hear again the canard that Gore won Florida.
PMI is not the problem. Most of the worst subprime loans didn't have it anyway and lots of loans with PMI are doing just fine. (Well, frankly, I suppose that could be said of mortgages generally, though.) I suppose in some cases PMI could be a problem if a lender let it be a substitute for good underwriting, but that just points to the real problem - bad underwriting.