PMI insurance on Federal home loans should sunset after 2 years of payments.
Currently if you want to remove PMI insurance you have to refinance. The excessive interest rates being charged for home loans currently makes refinancing an irresponsible choice.
The reasoning behind PMI insurance is to protect lenders from people not making their payments. I.e bad debt. However this protection is not extended to the borrower, who isn’t protected from home loan rates that have gone up.
If you have made your payments for 2 years you’ve shown you can make payments and should no longer be burdened with unnecessary insurance. This change would decrease the number of bad loans by lowering the bar for making future payments on time.