PMI
By Carrie Bay | 11/23/2011
The PMI Group, Inc. says it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. According to PMI, the move is a direct result of the seizure of its subsidiaries PMI Mortgage Insurance Co. and PMI Insurance Co. by the Arizona Department of Insurance on October 20, 2011. PMI sought to overturn the regulator's seizure of its mortgage insurance operations, but that motion was denied on Friday.
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By Krista Franks Brock | 10/24/2011
PMI Mortgage Insurance Co. (PMI) and PMI Insurance Co. (PIC) have been taken into conservatorship by the Arizona Department of Insurance. PMI announced on its website that there will not be a moratorium on claim payments. However, under order by the Arizona regulator, PMI will be fulfilling only 50 percent of claims, with the remaining amount deferred as a policy holder claim. The action occurs after an August announcement that the regulator was prohibiting the company from writing new policies.
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By Carrie Bay | 08/23/2011
Fannie Mae and Freddie Mac have both suspended PMI Mortgage Insurance and its affiliates PMI Insurance Co. and PMI Mortgage Assurance Co. as approved mortgage insurers. Mortgages insured by any of the three PMI units with note dates before May 19, 2011, or after September 16, 2011, will no longer be purchased or securitized by either of the GSEs. To allow lenders and sellers to clear their pipelines, PMI-insured mortgages with note dates that fall in between that time will continue to still be accepted by the mortgage financiers.
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By Carrie Bay | 08/22/2011
The Arizona Department of Insurance has placed two subsidiaries of PMI Group, Inc. -- PMI Mortgage Insurance Co. (MIC) and PMI Insurance Co. (PIC) -- under the department's supervision and ordered them to cease issuing new mortgage insurance. PMI alerted investors of the possibility of such actions earlier this month. PMI says further measures by the regulator could result in up to $735 million of the parent company's outstanding debt coming due, obligations which the PMI Group would be unable to pay.
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By Carrie Bay | 08/19/2011
The PMI Group, Inc. (NYSE: PMI) issued a statement Friday informing investors and the public that the company has been notified by the New York Stock Exchange that it has fallen below the NYSE's listing standard, requiring a minimum average closing price of $1.00 per share over 30 consecutive trading days. PMI has six months to bring its share price back into compliance with the NYSE rule or the company will be delisted from the stock exchange.
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By Carrie Bay | 08/15/2011
PMI Group Inc. says its primary subsidiary PMI Mortgage Insurance Co. could be forced to stop issuing new mortgage insurance policies. The company alerted investors of the possibility that its business could come to a halt last week, at the same time it reported a company-wide net loss of $134.8 million for the second quarter. According to a filing with the SEC, PMI Mortgage Insurance's capital holdings have slipped to $320 million below the minimum required by the Arizona Department of Insurance, its primary regulator.
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By Carrie Bay | 07/05/2011
Private mortgage insurers had more new notices of default to contend with during the month of May than they had loan cures. It was the first time in four months that defaults outnumbered cures. Mortgage Insurance Companies of America (MICA) says its five members reported 44,853 defaults and 36,159 cures in May. Private mortgage insurers help loan originators and investors make mortgage funds available to homebuyers who have less than 20 percent for a down payment.
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By Heather Hill Cernoch and Carrie Bay | 06/17/2011
Mortgage insurer PMI has announced the launch of a new program to identify mortgage servicers who score high marks for keeping borrowers in their homes. These companies will benefit from certain advantages when doing business with PMI. The company has identified certain servicing best practices that play a central role in maximizing home retention and achieving positive results for borrowers, communities, and mortgage investors, alike, and PMI says servicers who follow these practices should be recognized.
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By Carrie Bay | 06/01/2011
The PMI Group, Inc. recently announced that at the company's annual meeting of shareholders held last month, all 10 director nominees were re-elected to the board. Following the meeting, the board of directors re-elected PMI CEO L. Stephen Smith as chairman of the board. Shareholders also approved the amendment to the PMI Certificate of Incorporation increasing authorized common shares to 500 million shares.
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By Carrie Bay | 05/18/2011
Mortgage Insurance Companies of America (MICA) says loan cures reported by its member companies outpaced new defaults by 44 percent during the month of March. The group of private mortgage insurers recorded 56,934 loan cures for the month versus 39,557 defaults. MICA members help loan originators and investors make funds available for low down payment mortgages by protecting these financiers from a portion of the financial risk of default.
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