Items Tagged with 'FGIC Corporation'

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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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  • 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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