The borrower may have elected to purchase private mortgage insurance or, more likely, been required to purchase such insurance as a condition to obtaining a loan.  Such insurance provides for payment to the lender upon the debtor's default. See, e.g., the web site of Mortgage Guaranty Insurance Corporation, a leading provider of private mortgage insurance.    Private mortgage insurance is typically required by lenders for loans of greater than 80% of the purchase price (i.e. downpayments of less than 20%).   According to recent estimates, roughly 5 million homeowners, many of them moderate income first time homebuyers, pay premiums ranging from $40-$75/month.  San Jose Mercury News, Section F, p.1F, October 24, 1998.