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Articles Tagged with ''Financial Guaranty Insurance Company''

PMI Posts $274 Million Loss; Borrower Defaults Rising Quickly

The PMI Group, Inc. [stock PMI][/stock] said Monday morning that it lost $274 million, or $3.37/share, during the first quarter as its mortgage insurance operations in the U.S. continued to reel from increasing borrower defaults and rising loss severity. The first quarter loss compares to earnings of $102 million, or $1.16/share, in the year-ago period.
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PMI Posts Net Loss of $1.0 Billion in Q4

The PMI Group, Inc., who had delayed its full-year and fourth quarter earnings while waiting for financials from subsidiary FGIC Corp., said Monday that it lost $1.0 billion in the fourth quarter of last year. Driving the quarterly loss at PMI was a $776.1 million drag on earnings in the form of FGIC, which itself posted a $1.89 billion Q4 net loss earlier on Monday.
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PMI's U.S. Mortgage Insurance Ops Post $236 Million Loss in Q4

While its formal earnings report won't be available until next week, mortgage insurer the PMI Group, Inc. said earlier this week that its U.S. mortgage insurance operations lost $236 million during the fourth quarter of 2007, compared to earning of $77.2 million in the year-ago period. The fourth quarter loss pushed PMI into the red for the full year, with the company recording a net loss of $190.8 million for all of 2007.
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MBIA, Ambac Rally on S&P Ratings Affirmation

Beleaguered bond insurers MBIA Insurance Corp. and Ambac Assurance Corp. received some welcome good news Monday from Standard & Poor's, with the rating agency affirming ratings on the two largest monolines. MBIA saw its financial strength rating removed from credit watch and assigned a negative outlook -- meaning a downgrade was less likely; Ambac saw its 'AAA' rating affirmed, although the company remains on credit watch, S&P said.
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Fitch Warns of Likely Downgrades to Nearly Every Major Mortgage Insurer

Fitch Ratings, in a move likely presaging pending downgrades, said Monday (registration req'd) that it had placed nearly every major mortgage insurer on negative ratings watch. In particular, Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co. and Radian Guaranty Inc. saw their insurer financial strength ratings affected, while Genworth Mortgage Insurance Corp. and its affliates were the only major insurer to have ratings affirmed.
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PMI Postpones Q4 Results on FGIC Earnings Delay

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.
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MBIA Exploring Break-Up, Too; Brings Back Former Chief in Effort to Stave Off Ratings Cut

The soap opera that has become the nation's bond insurance market took another turn this morning, with the nation's largest insurer saying that it had brought back its former CEO in an effort to stave off a ratings cut -- and to explore the possibility of breaking up the insurer's structured finance and municipal debt businesses.
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Ambac Looking at Break Up, Isolation of Mortgage-Related Guaranty Business

Ambac Financial Group Inc. is considering a split of its municipal and mortgage-related bond insurance businesses, the Wall Street Journal reported on Monday. The news makes Ambac the latest monoline -- along with FGIC Corp. -- to consider a break up of its business as the mortgage crisis has stripped the insurer of most of its previously-held AAA ratings.
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