I also wondered what happened to PMI. We bought in 2000, with 3% down, no PMI. I was surprised we could put so little down, and no PMI. We had a 30 year fixed loan. I was also surprised my in-laws bought their home with a piggback loan, an 80/20 to avoid PMI. I had never heard of such a thing before.
The first time I realized the extent of exotic financing is when I read AnotherF*ckedBorrower.com, now called HousingBubbleCasualty.com, in late fall. Before that, I thought everybody made 3x as much money as we did. Now I know it was due to MEW.
