Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
721,576-14142
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.97%0.01

PMI: We’re Going to Lose a Lot of Money This Year

PMI Group Inc., the eponymously-named private mortgage insurance giant, said today that it’s pretty much going to lose money hand-over-fist in the U.S. market this year, according to an AP article published by Forbes:

PMI expects losses between $300 million and $360 million for the year at the U.S. unit. The company did not provide a specific reason for the anticipated losses, but separately reported a 3 percent drop in first-quarter earnings, as an increase in claims at the U.S. unit sent its net income down 2 percent.

Anyone feel like guessing what’s driving hundreds of millions in expected losses this year? I suppose it’s a good thing the company operates outside the U.S. at time like this. (But is trouble brewing in UK markets?)

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please