Items Tagged with 'The PMI Group'

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  • 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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  • Monday Morning Cup of Coffee

    A look at the stories on HousingWire’s weekend desk… with more coverage to come on bigger issues. Five failed banks on Friday pushed the total for 2009 to 45. The closures are estimated to cost a combined $264.2m to the Federal Deposit Insurance Corp.'s insurance fund. The Georgia Department of Banking and Finance closed Community Bank of West Georgia and named as receiver the FDIC. The bank had $199.4m in assets and $182.5m in deposits. Beyond an estimated $1.1m of deposits in excess of insurance limits, the FDIC expects the bank will cost the insurance fund $85m.
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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 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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  • 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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