Nom de Plumber is a Nom de Plume

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Despite accelerated prepayments, they can continue to collect premium income,
by just .agreeing to cover the new mortgages.   There is no other place for them
to write policies.    Moreover, the future loss payouts are irrelevant, as the lack of
capital reserves effectively relieves them of any obligation to pay principal upon
borrower default.

UPSHOT:   The PMI's keep the valuable IO, in exchange for giving up the
worthless PO.

Thank you.