PMI Group

PMI: Subprime Risk to Business ‘Small’ 

In what’s fast becoming the hottest trend in mortgage banking, The PMI Group, Inc. (NYSE:PMI) issued a press statement today attempting to distance the mortgage insurance giant from troubles in the subprime market. “In the current market, we believe it’s important to differentiate ourselves and clarify the prime focus of our business in the United States,” said Steve Smith, CEO of The PMI Group, Inc. “Our principal focus is on sustainable homeownership for individuals and families purchasing homes with less than a 20 percent down payment who have ‘A’ or prime quality credit. Ultimately we believe that the increased recognition of risk in the mortgage marketplace will be a positive for PMI and the market overall.”