RT's dashboard

I am currently 1 month behind on my mortgage. I was not able to work offshore in September due to hurricanes gustav and Ike. If you deleted the $271.00 per month PMI rip off from my loan, I could catch up. Why do we get shafted on PMI? Who does it actually benefit? If it does any good as far as insurance is concerned, why are banks going broke on bad mortgages? Does PMI money really just go into the bonus fund?