Items Tagged with 'The PMI Group Inc.'

ARTICLES

  • 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.
    Read More
  • Mortgage Insurer Revises Down Paid Claims Estimate

    The PMI Group Inc., a California-based mortgage insurer, on Thursday announced it had downwardly adjusted its estimate of total paid mortgage insurance claims for 2008. The company said it expects total paid claims for the year to be between $810 million and $835 million, down from the estimate announced Nov. 3 when the company said it expected to pay out from $850 million to $900 million in claims by the end of 2008.
    Read More
  • PMI to Sell Off Asia Mortgage Insurance Ops

    A retrenching of operations around the troubled U.S. housing market at The PMI Group, Inc. [stock PMI][/stock] continued on Friday, with the company saying it had signed an agreement to sell its Asian operations to QBE Insurance Group Limited in a deal worth $56 million.
    Read More
  • PMI Inks Deal to Sell Aussie Insurance Ops

    Citing a desire to "focus on core U.S. mortgage insurance," The PMI Group, Inc. [stock PMI][/stock] said Thursday that it had entered into a deal to sell its Australian mortgage insurance operations to QBE Insurance Group Limited, Australia's largest international general insurance and reinsurance group. PMI's U.S. operations have been bleeding cash in recent quarters, and the sale will allow PMI to gain further cash to strengthen it's stateside MI business.
    Read More
  • Paid Claims Swamp PMI Group in Second Quarter

    The PMI Group, Inc. [stock PMI][/stock] found itself hit with a swarm of paid claims as the number of borrowers defaulting on their mortgages continued to climb during the second quarter. The Walnut Creek, Calif.-based insurer said that it lost $246.3 million in Q2, or $3.03 per share, compared to income of $83.8 million, or $.95 per share, one year earlier.
    Read More
  • 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.
    Read More
  • PMI Gets Aggressive on Loan Modifications

    The PMI Group, Inc. [stock PMI][/stock] said late Friday that it had loosened its previous restrictions on loan modifications, in a clear effort to empower servicers to do more to keep troubled borrowers in their home. Essentially, the new guidelines allow mortgage servicers more leeway in determining a workout strategy than in the past, when most were bound by what was described by one servicing executive as a "lock-step" approach to loss mitigation.
    Read More
  • S&P Cuts Four Major Mortgage Insurers; Projects Worsening Housing Slump

    Standard & Poor's Ratings Services said late Tuesday that it had slashed the ratings of key mortgage insurers amid growing economic uncertainty and fresh expectations that the U.S. housing slump would be deeper expected. The move at S&P comes less than a week after rival Fitch Ratings was the first to cut a major mortgage insurer, Triad Guaranty.
    Read More
  • PMI Forms Foreclosure Prevention Team

    PMI Mortgage Insurance Co., a subsidiary of The PMI Group, Inc., said Wednesday that it had formed a new homeownership preservation team led by John Jelavich, PMI's newly appointed vice president of Homeownership Preservation Initiatives.
    Read More
  • 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.
    Read More