Origination/Lending
PMI Postpones Q4 Results on FGIC Earnings Delay
By: PAUL JACKSON
February 21, 2008
related
- Fremont Will Delay Earnings: Subprime’s Latest Victim?
- FGIC Downgraded Six Notches by Moody’s; Latest Guarantor Bitten by Mortgage Exposure
- Fitch Downgrades FGIC to AA
The PMI Group said late Wednesday that it will postpone the release of its fourth quarter earnings due to delays in obtaining fourth quarter 2007 financial results from FGIC Corporation. The insurer said results for its mortgage insurance operations were complete, but that it could not release its full results without FGIC’s financials.
No date for a rescheduled earnings release was set.
PMI, along with private equity firms Blackstone Group LP, Cypress Group and CIVC Partners LP, is one of the owners of troubled bond insurer FGIC. The monoline recently has been seeking a split-up of its municipal bond and structured credit insurance businesses.
PMI’s insurance operations likely posted a loss for the fourth quarter, according to most analysts. Recently, the company said it would alter its underwriting criteria to require at least 3 percent down on any new mortgages it insures, a move expected to push down new insurance issued down dramatically during 2008 as the company looks to manage an extended downturn in the U.S. housing market.
32 percent of primary new insurance written in 2007 at PMI was for loans with an LTV above 97 percent.
For more information, visit http://www.pmigroup.com.
recent stories by department
Origination/Lending
Secondary Market/Investors
Servicing/Default
- Pace of Defaults in California Slows During June
- Subprime ARMs Defaulting, Despite Loan Modifications
- American Home’s Servicing Platform Receives Initial Ratings from Fitch
- Nearly Half-Million Foreclosures in First Half of 2008: Report
- Impac to Purchase UBS Special Servicing Platform; Reinvention in Distressed Assets
Events
Sun - Jul 20
2008 LoanPerformance RiskSummit
Cerberus Capital Management chairman John Snow keynotes this risk management event for LP clients and vendors.
Tue - Aug 12
Western States Loan Servicing Conference
Annual servicing industry conference hosted by the CMBA; usually well attended on a national level.
Sat - Aug 23
Executive Summit on Mortgage Fraud
High-level conference focused on quantifying and managing mortgage fraud. Speakers to include execs from OFHEO, FBI, Fannie, Freddie.
Wed - Sep 17
Five Star Conference
Default and REO industry conference, hosted by trade publication DS News. Heavily attended by REO agents.
Sun - Oct 19
MBA Annual Convention & Expo
The annual conference for MBA members and affiliates, and the largest industry event each year.
newsletter signup
Join more than 3,000 bold subscribers who already get HW's daily email delivered to their inbox -- it's free, and a great way to ensure you don't miss something.






