The President of First Citizens National Savings Bank in Mason City, Iowa, has testified to the House Financial Services Capital Markets Subcommittee that private mortgage insurance is “key to America’s housing and economic recovery.” Washington State Bank Executive Vice President and Senior Lender Steve Bohn says private mortgage insurance is sold by only a handful of companies around the country, and insures creditors in case of loss on loans with a down payment less than 20%.  He says the market for PMI loans closed tightly during the mortgage crisis, but has opened up in the last six months.  Housing loans with less than 20% down make up a “pretty significant portion” of people looking to buy homes, and Bohn says it’s important to keep those buyers in the market.