Items Tagged with 'PMI Group Inc.'

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  • Are Rating Agencies Preparing to Lose the Counterparty Popularity Contest?

    Distressed mortgage borrowers seeking help in correcting their financial situation may get some distance in writing their Congressional representative. In mortgage finance, however, financial firms seeking options and clarity on their portfolio of investments may do better in writing to their credit rating agency, or CRA, first. The highly unique relationship between financial firms and the CRAs that measure the risk of their products seems to be as blurry now as it ever was back then, in spite of a historic financial crisis that shook investor confidence to the core.
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  • PMI Looks to Raise Capital, Faces Liquidity Issues

    Mortgage insurer PMI Group Inc. [stock PMI][/stock] said Thursday in a filing with the Securities and Exchange Commission that it was exploring alternatives to enhance liquidity and capital, as the U.S. mortgage insurance business continues to be a significant drag on the company's assets.
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  • Mortgage Insurer Posts $887M Annual Loss

    Mortgage insurer the PMI Group Inc. [stock PMI][/stock] on Monday reported a $181 million loss -- or $2.22 per share -- for continuing operations in the fourth quarter, compared with a third-quarter loss of $149.3 million, or $1.83 per share. The company also reported it's full-year 2008 loss at $877.2 million -- or $10.90 per share. Losses in the U.S. mortgage insurance operations -- and specifically impairments of certain preferred equity securities in the segment's portfolio -- drove the loss, PMI said.
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  • PMI Sees Losses Widen as U.S. Insurance Woes Continue

    The third quarter was less-than-kind to the PMI Group, Inc. [stock PMI][/stock], with the mortgage insurer announcing Monday morning a third quarter loss of $149.3 million, or $1.83/share; the loss widens a year-ago quarterly loss of $110.6 million, or $1.32/share. Revenues at the company's U.S.
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  • Mortgage Financials Soar

    On Wednesday, for one day at least, mortgage-led financials reversed course on Wall Street -- in a big way -- and shed a week's worth of pummeling at the hands of skittish investors worried about oil and rising inflation, as well as a mortgage market stuck firmly in the mud. For one day, stronger-than-expected results from Wells Fargo & Co. [stock WFC][/stock] were seemingly enough to make equity investors forget about woes in mortgage and housing; oil prices that have fallen more than $10 in two days, easing concerns over inflation, certainly helped matters as well.
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  • MGIC Turns the Screws on MI Underwriting

    MGIC Investment Corp. [stock MTG][/stock] said late Thursday that it will pull back the reins on its mortgage insurance underwriting standards for the second time this year, after announcing sweeping changes to its programs that went into effect March 3.
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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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