Items Tagged with 'PMI Group'


  • Blackstone acquires ‘significant equity stake’ in mortgage insurer PMI Group

    Provides PMI Group with loan for right to take part in future equity offerings
    Blackstone is increasing its already substantial position in housing again, as funds affiliated with Blackstone Tactical Opportunities are set to acquire a “significant equity stake” in The PMI Group, a provider of mortgage insurance. PMI said that in connection with the purchase of a significant equity stake in PMI, Blackstone will provide PMI with a loan to be used for working capital.
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  • PMI Losses Narrow to $222.6m in Q209

    Walnut Creek, Calif-based PMI Group [stock PMI][/stock] reported a $222.6m net loss in Q209, or $2.71 per share. The residential mortgage insurance provider narrowed its losses from a year earlier, improving from a $246.3m net loss in Q208. US mortgage insurance operations continue to suffer heavy losses and decreased premium earnings. That, along with a $25.4m after-tax charge from an increase in the market value of certain holding company senior debt instruments, drove the second-quarter losses, the company said.
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  • PMI Group Sees Refis Driving Market Recovery

    Total mortgage originations may top $2.59trn this year, largely due to refinance volume, which will account for some 72% of the total origination market, according to projections within The PMI Group's monthly housing and mortgage market review. Origination should slip in 2010 as the refinance boom eventually wears off, falling more in line with the "modest" economic recovery expected after the second half of this year. Any growth in the broader economy in 2009 will likely be muted by continued unemployment highs.
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  • PMI Rating Rallies from Junk

    Mortgage insurer and credit enhancement solution provider PMI Group [stock PMI][/stock] late Tuesday saw its credit rating rebound from triple-C to single-B minus as Standard & Poor's removed the company from credit watch status to outlook stable. Its wholly owned subsidiary, PMI Mortgage Insurance, retained a double-B minus rating and stable outlook.
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  • Mortgage Insurer's Stock Rises on Amended Agreement

    Stock of mortgage insurer PMI Group [stock PMI][/stock] spiked more than 33% at one point in early trading today on the heels of some positive news out of the company. PMI met the conditions necessary to reach an amended and restated credit agreement that reduces the size of the credit facility to $125m and eliminates certain financial covenants and events of default previously contained in the facility.
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  • PMI Posts $115m Loss; Blames US Mortgage Cover

    The PMI Group [stock PMI][/stock] is posting a first-quarter 2009 loss of $115.3m, or $1.41 per share, from continuing operations, driven primarily by higher-than-expected negative earnings and loss adjustment expenses (LAE) in its US mortgage insurance operations, the company said today.
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