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VULSTIUN 14 Sam bought a house that costs $1,000,000. Sam got a 97% LTV loan. The lender demanded that Sam buy private mortgage insurance to

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VULSTIUN 14 "Sam bought a house that costs $1,000,000. Sam got a 97% LTV loan. The lender demanded that Sam buy private mortgage insurance to insure the portion of the loan over 80% LTV. Suppose 5 years later, Sam s mortgage balance is $900,000. However Sam defaults and his house sells for $750,000 in a foreclosure auction. How much will the mortgage insurance company pay Sam s lender?" VULSTIUN 14 "Sam bought a house that costs $1,000,000. Sam got a 97% LTV loan. The lender demanded that Sam buy private mortgage insurance to insure the portion of the loan over 80% LTV. Suppose 5 years later, Sam s mortgage balance is $900,000. However Sam defaults and his house sells for $750,000 in a foreclosure auction. How much will the mortgage insurance company pay Sam s lender

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