PMI Group Inc., the eponymously-named private mortgage insurance giant, said today that it's pretty much going to lose money hand-over-fist in the U.S. market this year, according to an AP article published by Forbes:
PMI expects losses between $300 million and $360 million for the year at the U.S. unit. The company did not provide a specific reason for the anticipated losses, but separately reported a 3 percent drop in first-quarter earnings, as an increase in claims at the U.S. unit sent its net income down 2 percent.
Anyone feel like guessing what's driving hundreds of millions in expected losses this year? I suppose it's a good thing the company operates outside the U.S. at time like this. (But is trouble brewing in UK markets?)