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The PMI Group, Walnut Creek, Calif., lost $127 million in 1Q11, as its U.S. mortgage insurance business had a net loss of $137 million for the period due to continued high losses and loss adjustment expenses and lower premiums earned. For the same period in 2010, the company lost $157 million while the U.S. business lost […]
As an alternative to foreclosure, the government’s forthcoming program to spur short sales may prove just as ineffectual as the push to modify loans. In a short sale, the borrower sells the home for less than the amount owed on the mortgage and the lender accepts a discounted payoff. They can be far less costly […]
Private mortgage insurers have stepped up their rejections of claims on defaulted loans, compounding the pain that banks and other lenders have felt from the housing crisis. In the second and third quarters, insurers denied 20% to 25% of claims, up from a historic rate of 7%, according to Moody’s Investors Service. Though the insured […]
Home values will continue to suffer through year-end 2010 with most metropolitan statistical areas facing an increased risk of lower prices, according to a new report issued by PMI Mortgage Insurance, Walnut Creek, Calif. PMI says 21 of the nation’s 50 largest MSAs “are now in the highest risk category, signifying the highest probability of […]
Fitch Ratings downgraded the financial-strength ratings of the U.S. mortgage insurance businesses at MGIC Investment Corp. and PMI Group to A-plus from ‘AA’, saying that 2007, “a year of rapid growth for a number of key” players, “will likely prove to be one of the worst underwriting years in the modern history of the U.S. mortgage […]