Associated Press (05/12/08); Malloy, Jennifer
Because of hefty payouts on default claims and charges to write off its investment in bond insurer Financial Guaranty (FGIC), PMI Group Inc. recorded first-quarter losses of $274 million versus year-ago net income of $102 million. Delinquencies and defaults on mortgages both rose at a quickened pace during the last year. For each default and foreclosure, the mortgage insurer is forced to pay out claims to investors that hold the loans. PMI continues to evaluate its capital raising initiatives, including the possible complete or partial sale of assets and capital markets transactions.
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