Default Insurance Question

Question regarding default insurance:

Lenders purchase default insurance in case a borrower stops making payments, but can a borrower buy default insurance on himself? Basically buying a CDS on yourself as a hedge if the market tanks.

Now just to add another layer of financial engineering; could you pull out your equity in the deal assuming you bought default insurance so in theory all the credit risk would of been transferred to a 3rd party.

Not trying to get cost of capital discussion now etc in theory would a structure like that exist?

 

Not sure if you can buy CDS on yourself per say but you can buy CDS on your collateral or proxies of your collateral if that makes sense.

 

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