WASHINGTON Millions of American homeowners who pay privatemortgage insurance premiums in their loan payments every month couldbe indirect beneficiaries of a class-action settlement.
Two subsidiaries of one of the largest banks in the country,Banc One Corp. of Columbus, Ohio, have agreed to automatically cancelPMI coverage on loans when the borrower's equity in the propertyexceeds 20 percent.
Banc One Mortgage Corp. and Bank One, Texas also agreed toexplain to all new borrowers in writing how PMI coverage works, andto send customers an annual statement on how and when they canrequest cancellation of premium payments.
The lawsuit directly covers 45,000 …
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