Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
719,055-2977
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.01%0.00

PMI’s U.S. Mortgage Insurance Ops Post $236 Million Loss in Q4

While its formal earnings report won’t be available until next week, mortgage insurer the PMI Group, Inc. said earlier this week that its U.S. mortgage insurance operations lost $236 million during the fourth quarter of 2007, compared to earning of $77.2 million in the year-ago period. The fourth quarter loss pushed PMI into the red for the full year, with the company recording a net loss of $190.8 million for all of 2007. PMI said that losses and loss adjustments likely totalled $1.1 billion, although formal consolidated earnings are pending, based on the company’s interest in troubled bond guarantor FGIC Corp. PMI had postponed its earnings report while waiting on the fourth quarter financials from FGIC, which PMI partly owns. PMI has said it expects to report a “signficant net loss” from FGIC, and that it will no longer provide additional capital to the company. “Our preliminary fourth quarter results for our U.S. Mortgage Insurance and International Operations demonstrate that we are facing challenging market conditions, particularly in the U.S. housing market,” PMI chairman and CEO Steve Smith. “We have implemented a plan to address these challenges, which we will discuss in detail on our conference call next week.” For more information, visit http://www.pmigroup.com.

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