Arizona regulators take over PMI Group subsidiary

10/24/2011 | Wall Street Journal, The · San Francisco Chronicle

Insurance regulators in Arizona have seized PMI Group's main subsidiary, a sign that the meltdown in the housing market has not ended. The mortgage-insurance division of PMI Group has been paying roughly $1.5 billion annually in claims to reimburse mortgage investors and lenders for losses related to borrower defaults. PMI will now pay just half of such claims in cash, while the rest will be deferred.

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Wall Street Journal, The · San Francisco Chronicle

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