QBE Agrees to Buy PMI's Asia Mortgage Insurance Units for $896 Million Aug 14, 2008
Aug. 14 (Bloomberg) -- , Australia's biggest casualty insurer, agree to buy the Australian and Asian mortgage insurance units of the PMI Group Inc. for A$1 ... PMI Group is the second-largest U.S. mortgage insurer. (Bloomberg -- Australia & New Zealand)
PMI Canada Announces Canadian Market Withdrawal Aug 7, 2008
PMI Mortgage Insurance Co. is the principal U.S. operating subsidiary of The PMI Group, Inc. (NYSE:PMI). "PMI has conducted a strategic review of its overall organization and has determined that the closure of PMI Canada is a necessary step in the fulfillment of its five-point plan to allow PMI to focus on the company's core business and maintenance of financial strength," stated Janet Martin, President and CEO, PMI Canada. (Canada Newswire)
Australian Mortgage Bond Sales Poised to Recover, Macquarie's Maher Says Jul 28, 2008
Some Australian bond arrangers are reducing the number of underlying loans that are insured against non-payment or default by U.S. guarantors including and the local unit of PMI Group Inc. The companies are among the world's biggest mortgage insurers that have reported losses as they deal with record U.S. claims. Moody's Investors Service this month cut the credit ratings on more than A$3 billion of Australian mortgage-backed bonds linked to Genworth and PMI Mortgage Insurance Ltd.. (Bloomberg -- Australia & New Zealand)
In short, crisis reachesbedrock level Jul 22, 2008
July 16 - Bloomberg (Josh P. Hamilton): "MGIC Investment Corp., PMI Group Inc. and competing US mortgage insurers reeling from record claims may have to absorb even higher loss rates from bad home loans, Fitch Ratings said. About 70% of the industry's policies cover loans issued from 2005 through 2007 when mortgage and insurance underwriting standards were lax, leading to progressively higher default rates, Fitch said. Mortgage insurers pay lenders when borrowers default and foreclosure fails to... (Asia Times Online)
Need a mortgage now? Bring loads of cash Jul 18, 2008
and PMI Group (), often guaranteed mortgages when borrowers put no money down. Today they require 5%, 10% in steeply declining markets, according to Jeff Lubar, spokesman for the trade association Mortgage Insurance Companies of America. (Yahoo News -- Real Estate)
Sullivan Ouster Shows Insurance Beats Securities as Most Perilous for CEOs Jun 21, 2008
MGIC Investment Corp.'s , PMI Group Inc.'s and Radian Group Inc.'s held their jobs as shares of the three largest mortgage insurers plunged more than 80 percent. The companies, which aren't in the S&P index, have paid record claims to reimburse lenders who made bad loans. (Bloomberg)
PMI's Claims-Paying Resources Unaffected by Fitch Action Jun 6, 2008
The PMI Group, Inc. logo. (PRNewsFoto/The PMI Group, Inc.) WALNUT CREEK, CA UNITED STATES ... June 5 /PRNewswire-FirstCall/ -- The PMI Group, Inc. (NYSE: ) today announced that Fitch lowered the debt rating of the holding company and the insurer financial strength ratings of its U.S. and international subsidiaries. (PR Newswire)
April Insured Mortgage Defaults Rise May 30, 2008
MICA compiles its data from information provided by American International Group Inc's United Guaranty Corp, Genworth Financial Inc , MGIC Investment Corp , Old Republic International Corp , PMI Group Inc and Triad Guaranty Inc. It declined to say which lender had changed the way it reported the numbers. (ABC News -- Wire)
New Defaults on Mortgages Outrun Efforts to Fix Home Loans Already Overdue May 30, 2008
The three largest mortgage insurers, Milwaukee-based , Walnut Creek, California-based PMI Group Inc. and Philadelphia-based lost money in the past three quarters as they paid more claims and boosted reserves for future losses. Standard & Poor's last month cut the claims-paying ratings on PMI's mortgage insurance units in the U.S. and Europe to A+ from AA. S&P also downgraded MGIC and Radian, citing the prospect of underwriting losses for all three until 2010. (Bloomberg -- US)
All markets now equal in eyes of Fannie Mae May 26, 2008
PMI Group Inc., another major underwriter, has banned cash-out refis or investor loans in areas it judges to be distressed. Genworth Financial will not consider applications on second homes anywhere in Florida. (San Francisco Chronicle)
Homes sales get lift, but lid still on prices May 22, 2008
From a national perspective, "it's hard to make a case that sales have bottomed," says David Berson, chief economist with PMI Group, a mortgage insurance company based in Walnut Creek. "A lot of the leading indicators we look at - the weekly survey of mortgage applications, the monthly survey of home-builder sentiment, monthly pending home sales from the Realtors - they are all either down with the most recent numbers or flat. There is no sign of an uptick.". (San Francisco Chronicle -- Business)
Good News From Lenders May 21, 2008
For instance, earlier this year the big mortgage insurer, PMI Group, that it would no longer back loans with less than 3 percent up-front. Last Friday, Fannie Mae that it would adopt a stance similar to PMI -- 3 percent down if the loan is underwritten with Fannie Mae's automated system but no less than 5 percent down if the underwriting was done with someone else's computer program. (RealtyTimes)
PMI, MBIA Remind Wall Street Of Bad Times May 13, 2008
PMI Group and MBIA gave Wall Street sober reminders it still hasn't shaken surging mortgage defaults and turmoil. Despite plenty of bad news in the PMI (nyse: - - ) report there was one bright point. (Forbes -- Markets)
PMI Group Swings to Hefty 1Q Loss on Defaults May 13, 2008
PMI Group slides to large 1st-quarter loss on hefty mortgage default payouts, FGIC losses ... Mortgage insurer PMI Group Inc. said Monday it swung to a first-quarter loss from year-ago profit, due to hefty payouts on default claims and charges to write off its investment in bond insurer FGIC.. (ABC News -- Wire)
PMI, MBIA Are Sober Reminders May 13, 2008
Quarterly reports from mortgage insurer PMI Group and bond insurer MBIA were a painful reminder of the reality of surging mortgage defaults and delinquencies, and the ongoing rot in the. Despite plenty of bad news in the PMI (nyse: - - ) report there was one bright point. (Forbes)
BUSINESS BRIEFING Your guide to the week's most notable business events May 12, 2008
-- Earnings reports expected from PMI Group and Sprint Nextel. T. (San Francisco Chronicle -- Business)
Investor Report: Traditional Credit Sources Squeezing Pipeline May 8, 2008
PMI Group, one of the largest insurers, announced that it won't touch any rental property or investor loan applications from dozens of what it calls distressed or declining markets. Nor will it consider cash-out refis or limited documentation applications from investors. (RealtyTimes)
Tight credit hitting specialized areas of mortgage market May 5, 2008
PMI Group, another high-volume insurer, banned cash-out refinancings, limited documentation loans and all mortgages secured by investment properties in "distressed" markets. In nondistressed areas, cash-out refinancings on second homes and rental houses no longer are eligible for coverage, nor are interest-only loans on investment real estate and all mortgages on properties containing three to four units. (San Francisco Chronicle)
Financial firms ride things out Apr 21, 2008
The last company on the list - PMI Group - saw its shares tumble 87 percent. The Walnut Creek firm insures home mortgages and has a majority stake in Financial Guaranty Insurance Co., which insures municipal and other bonds including mortgage-backed securities. (San Francisco Chronicle -- Business)
Bad performance lowers returns Apr 21, 2008
The mortgage crisis clobbered PMI Group Inc. (down 87 percent), and Bay Area darling Sharper Image Corp. (down 98. 5 percent) ran into turbulence after its air purifier turned out to be not so pure. (San Francisco Chronicle -- Business)
Investor Report: Spring 2008 "Risk Index" Apr 18, 2008
Either way -- you should be interested in the Spring 2008 "risk index" released last week by private mortgage insurance giant PMI Group. As the name implies, the index ranks the 50 largest metropolitan areas in the country on the basis of equity risk - the statistical probability that property values will be lower 24 months from now. (RealtyTimes)
Anchorage-area housing holding its value Apr 12, 2008
The growth of Anchorage home prices is slowing, but values aren't falling as they are in California, Arizona, Nevada and Florida, says the housing price report by mortgage insurer PMI Group Inc. ... The PMI Group's Spring 2008 U.S. Market Risk Index is based on data from the Office of Federal Housing Enterprise Oversight. (Anchorage Daily News)
S&P Cuts Rating on $4.6 Billion of Australian, New Zealand Mortgage Bonds Apr 12, 2008
Australia's mortgage-backed bonds hadn't been affected by the subprime mortgage collapse until PMI Group had its rating cut two levels this week because it is paying more to bail out home owners from bad loans. The company's Sydney-based unit insures about 80 percent of all loans backing Australian residential mortgage- backed bonds. (Bloomberg -- Australia & New Zealand)
Realty Viewpoint: PMI Group Predicts Lower Housing Prices Over Two Years Apr 11, 2008
"Excess supply is responsible for much of the risk we're seeing in the market," says David W. Berson, chief economist and strategist for The PMI Group. "The excess supply of housing in the United States is 9.2 months for existing homes (the 20-year average has been 6) and 9.8 months for new homes (the 20-year average has been 5.5), which will continue to depress prices for MSAs in risk ranks 1 and 2.". (RealtyTimes)
PMI says ability to cover claims not affected by S&P downgrade Apr 10, 2008
S&P cut its counterparty credit rating on Walnut Creek-based PMI Group (NYSE: PMI) to 'BBB-plus' from 'A' and PMI's U.S. and European mortgage insurance subsidiaries' counterparty credit and financial strength ratings were cut to 'A-plus' from 'AA. ... "PMI has significant financial resources to pay insurance claims on defaulted loans, and we are a strong risk counterparty for our customers," said Steve Smith, chairman and CEO of the PMI Group. (East Bay Business Times, CA)
Keller Rohrback L.L.P. Announces ERISA Investigation of The PMI Group, Inc. Savings and Profit-Sharing Plan and The PMI Alternate 401(k) Plan Apr 9, 2008
Keller Rohrback L.L.P. () announces that it has commenced an investigation against The PMI Group, Inc. ("PMI" or the "Company") (NYSE: ) for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on investments in PMI stock by The PMI Group, Inc. Savings and Profit-Sharing Plan and The PMI Alternate 401(k) Plan (the "Plans") ... If you are a participant in The PMI Group, Inc. Savings and Profit-Sharing Plan or The PMI Alternate 401(k)... (PR Newswire)
PMI Claims Paying Resources Unaffected by Standard & Poor's Ratings Announcement Apr 9, 2008
The PMI Group, Inc. logo. (PRNewsFoto/The PMI Group, Inc.) WALNUT CREEK, CA UNITED STATES ... April 8, 2008 /PRNewswire-FirstCall/ -- The PMI Group, Inc. (NYSE: ) ("PMI" or the "Company") today commented on its financial strength following today's ratings announcement from Standard s ("Sr the Company, PMI Mortgage Insurance Co, and other related entities. "PMI has significant financial resources to pay insurance claims on defaulted loans, and we are a strong risk counterparty for our customers,"... (PR Newswire)
Shareholder Class Action Filed Against the PMI Group, Inc. by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP Apr 4, 2008
Shareholder Class Action Filed Against the PMI Group, Inc. by the Law Firm of Schiffrin Barroway Topaz er, LLP ... Shareholder Class Action Filed Against the PMI Group, Inc. by the Law Firm of Schiffrin Barroway Topaz er, LLP ... April 3, 2008 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz er, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California, on... (PR Newswire)
The Brualdi Law Firm P.C. Announces Class Action Lawsuit Against The PMI Group, Inc. Mar 29, 2008
NEW YORK, March 28, 2008 (PRIME NEWSWIRE) -- The Brualdi Law Firm P.C. announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of The PMI Group, Inc. (NYSE: - ) between November 2, 2006 and March 3, 2008, inclusive (the ``Class Period''). ADVERTISEMENT. (Primezone Releases)
PMI Group posts $1B Q4 loss Silicon Valley / San Jose Business Journal Mar 18, 2008
PMI Group posts $1B Q4 loss - Silicon Valley / San Jose Business Journal ... PMI Group posts $1B Q4 loss. (Bizjournals.com)
Realty Viewpoint: USA Today Names Sexiest Economic Forecasters Alive Mar 18, 2008
David Berson, of PMI Group, and the former chief economist of Fannie Mae, scored first every quarter to secure the top spot. At least he has the background to understand housing. (RealtyTimes)
Economist expects Fed to cut rates at least a half-point Mar 17, 2008
Berson, chief economist and strategist at PMI Group, which provides residential mortgage insurance, expects the Fed ultimately will cut its target for rates to 1 ... Chief economist, PMI Group. (USA Today -- Money)
The PMI Group, Inc. to Hold Fourth Quarter 2007 Financial Results Conference Call on Wednesday, March 12, 2007 Mar 5, 2008
The PMI Group, Inc. logo. (PRNewsFoto/The PMI Group, Inc.) WALNUT CREEK, CA UNITED STATES ... March 4 /PRNewswire-FirstCall/ -- The PMI Group, Inc. (NYSE: ) (the "Company") announced today that it will issue its financial results for the fourth quarter of 2007 before the financial market opens (approximately 6:00 AM ET) on March 12, 2008. (PR Newswire)
The PMI Group, Inc. Fourth Quarter 2007 Financial Results Delayed Due to Incomplete FGIC 2007 Financial Results Feb 21, 2008
The PMI Group, Inc. logo. (PRNewsFoto/The PMI Group, Inc.) WALNUT CREEK, CA UNITED STATES ... Feb. 20 /PRNewswire-FirstCall/ -- The PMI Group, Inc. (NYSE: ) announced today that due to delays in obtaining fourth quarter 2007 financial results from FGIC Corporation ("FGIC"), PMI is delaying the release of its fourth quarter and full year 2007 financial results. (PR Newswire)
US homes sink below value of their loans Feb 18, 2008
Owners with fixed-rate mortgages would probably ride out the slump without moving, even if they needed more room, said David Berson, the chief economist at PMI Group. They would not be spending much for clothes or dishwashers, he said. (Business Report, South Africa)
Bond insurer seeking to split businesses Feb 16, 2008
FGIC, owned by Blackstone Group LP and PMI Group Inc., applied for a license from New York state insurance regulators to create a standalone municipal company, Brian Moore, a spokesman, said. The move would separate the unit that guarantees subprime-mortgage bonds, collateralized debt obligations, and the other types of financial products that led to the ratings downgrade. (Boston Globe)
Bond insurer wants to split itself in two Feb 16, 2008
FGIC, which is owned by Blackstone Group and PMI Group; MBIA; and Ambac Financial Group are struggling to keep their companies intact after taking more than $8 billion in writedowns. "Other bond insurers will be tempted to follow suit, especially the ones that have already been downgraded by at least one rating agency," said Donald Light, an analyst at Celent, a consulting firm based in Boston. (International Herald Tribune -- Business)
Congress eyes bond insurers amid housing crisis Feb 15, 2008
FGIC is owned by a group that includes mortgage insurer PMI Group Inc and private equity. Fears of wider economic damage resulting from problems in the little-known bond insurance business stem from its role in backing municipal bonds issued by local governments to finance essential public projects such as schools, roads and parks. (ABC News -- Wire)
Housing misery to linger Feb 14, 2008
The three, including builders association chief forecaster David Seiders and David Berson, chief economist for the PMI Group, disagreed on whether the country is in a recession. But they were in accord on housing as a drag on the economy and urged further federal action to nudge it forward. (Chicago Tribune)
Mortgage woes sting insurer MGIC again Feb 14, 2008
Deteriorating U.S. mortgages resulted in MGIC and rivals Radian Group Inc and PMI Group Inc posting their first-ever losses in the third quarter last year. For all of 2007, MGIC lost $1. (ABC News -- Wire)
Buffett offers to help bond insurers Feb 14, 2008
FGIC, whose owners include mortgage insurer PMI Group Inc and private equity firms Blackstone Group LP, Cypress Group and CIVC Partners LP, did not return a call seeking comment. The offer comes after Buffett started selling municipal bond insurance himself. (ABC News -- Wire)
No quick fixes for housing Feb 14, 2008
""I think the economy fell into recession at the beginning of December," said David Berson, chief economist for The PMI Group Inc.Some of the many homebuyers struggling with mortgage debt are starting to show a casual attitude about homeownershipthat could spell more trouble for the housing and lending industries, Berson said."If there has been a behavioral change, it's possible that the credit losses" from widespread mortgage delinquencies and defaults could increase to even-greater levels,... (Florida Today)
Investor Report: Private Mortgage Insurance Changes Feb 14, 2008
The two largest private mortgage insurers in the U.S. -- MGIC and PMI Group -- are planning to hit investors with higher mandatory downpayment requirements in early March. In some areas that both companies view as "declining," investors in one-to-four-unit rental properties will now need to have 15 percent minimum equity up front. (RealtyTimes)
Mortgage Insurers' Mess, Buyout Barrier, Rio's Profit: Timshel Feb 14, 2008
The country's three largest mortgage insurers -- MGIC Investment Corp., PMI Group Inc. and Radian Group Inc., in that order -- have fallen by an average of 42 percent this year. The comparable figure for MBIA Inc., Ambac Financial Group Inc. and five other bond insurers is just one percentage point worse. (Bloomberg -- Columnists)
Americans Selling Homes Find Prices So Low Mortgage Exceeds Current Values Feb 14, 2008
Owners with fixed-rate mortgages probably will ride out the slump without moving, even if they have a growing family and need more room, said David Berson, chief economist at PMI Group Inc. in Walnut Creek, California. They won't be spending much for clothes or dishwashers or Disneyland vacations, he said. (Bloomberg)
Mortgage Insurer Tightens Standards Feb 13, 2008
Competitor PMI Group Inc. also announced in a filing that it would stop covering home loans with loan-to-value ratios of more than 97 percent. Source: The Associated Press, Emily Fredrix (02/11/08). (Realtor Magazine Online)
Asia-Pacific Company Bond Risk Rises on Insurance Risk, Credit Swaps Show Feb 5, 2008
Moody's may downgrade some bond insurers in the next few weeks and said yesterday it may cut the ratings on A$83 billion ($75 billion) of Australian mortgage-backed bonds insured by the local unit of PMI Group Inc., the second largest U.S. bond insurer, as it reviews losses from subprime mortgage securities. Australian Bank Swaps. (Bloomberg -- Australia & New Zealand)
Life After AAA: Can FGIC Survive? Feb 1, 2008
FGIC is owned by the mortgage insurer PMI Group (nyse: - - ) and private-equity firms Blackstone Group (nyse: - - ), Cypress Group and CIVC.. Meanwhile, MBIA (nyse: - - ) rebounded after its nosedive Thursday morning, as Wall Street digested its losses and the company provided reassurances it is on firm financial footing. (Forbes -- Markets)
MBIA aims to assure on cash as rating pressure grows Feb 1, 2008
FGIC is owned by a group that includes mortgage insurer PMI Group Inc and private equity firms Blackstone Group LP , Cypress Group and CIVC Partners LP.. MBIA aims to assure on cash as rating pressure grows 1. (ABC News -- Wire)
S&P cuts rating of FGIC bond insurer Feb 1, 2008
FGIC is owned by a group that included mortgage insurer PMI Group Inc. and private equity firms Blackstone Group, Cypress Group and CIVC Partners LP.. Earlier on Thursday, MBIA's chief financial officer, C. Edward Chaplin, had reassured the financial markets with upbeat comments about its double-A rating. (Globe and Mail -- Business)
Market drops as bond insurer fears hit financials Jan 31, 2008
FGIC is owned by a group including mortgage insurer PMI Group Inc, whose stock slid 3. 4 percent to $9. (ABC News -- Wire)
Ambac, MBIA's Lust for CDO Returns Undermined AAA Franchise in Tax-Exempts Jan 23, 2008
Blackstone Group LP, the New York buyout firm run by Stephen Schwarzman, said Jan. 10 that it may write down its stake in FGIC, which it bought from Fairfield, Connecticut-based General Electric Co. in 2003 along with PMI Group Inc. and Cypress Group LLC.. The first to fall was ACA Capital Holdings Inc., whose ACA Financial Guaranty Corp. unit guaranteed $26. (Bloomberg)
A tide of lawsuits approaches U.S. mortgage market Jan 22, 2008
In another case, the PMI Group, a mortgage insurer, sued WMC Mortgage, a subprime lender that has stopped making loans, and its corporate parent in California Superior Court in Los Angeles. PMI is trying to force the companies to buy back or replace loans that the firm was hired to insure and that it says were made fraudulently or in violation of the standards that the lender said it was using. (International Herald Tribune)
Families seek forgiveness after foreclosure Jan 6, 2008
The full deduction is limited to homeowners with adjusted gross income of $100,000 or less; homeowners with AGI of up to $109,000 can take a partial deduction, says Glen Corso, senior vice president for PMI Group, a mortgage-insurance provider. The percentage of homeowners with private mortgage insurance rose sharply last year, reflecting tighter credit standards, says Kevin Schneider, president of Mortgage Insurance Companies of America, the trade association for mortgage insurers. (AZCentral -- Business)
New South Wales State Appoints Former Leader Greiner to Help Coal Exports Jan 4, 2008
Greiner, who has an MBA from Harvard University, is chairman of the Australian unit of PMI Group Inc., the second-largest U.S. mortgage insurer. He was premier from 1988 to 1992. (Bloomberg -- Australia & New Zealand)
Defaults rise to a record among mortgage insurers Jan 1, 2008
Mortgage insurance companies such as PMI Group Inc. and protect lenders from defaults on home loans, but they have posted hefty losses this year and seen their shares plummet as more homeowners were unable to pay their monthly loans. Defaults, defined as loans 60 or more days late, rose in November to more than 61,000 industrywide, up 35 percent from the same month a year earlier, according to the Mortgage Insurance Companies of America. (Boston Globe)
Defaults on US Insured Mortgages at Record High Jan 1, 2008
Mortgage insurers such as MGIC Investment Corp (MTG.N: , , ), PMI Group Inc (PMI.N: , , ) and Radian Group Inc (RDN.N: , , ) lost money in the third quarter as more homeowners fell behind on payments. Shares of each lost well over half their value this year. (Reuters)
Huge jump in US housing defaults Jan 1, 2008
MGIC Investment Corp, the largest US mortgage insurer, and PMI Group, the second-largest, reported losses in the July to September period, their first unprofitable quarter as public companies. MGIC sold shares to the public in 1991, PMI in 1995. (Sydney Morning Herald -- Business)
Homeowners with forgiven loan debt get timely tax break Dec 24, 2007
The full deduction is limited to homeowners with adjusted gross income of $100,000 or less; homeowners with AGI of up to $109,000 can take a partial deduction, says Glen Corso, senior vice president for PMI Group, a mortgage insurance provider. The percentage of homeowners with private mortgage insurance rose sharply this year, reflecting tighter credit standards, says Kevin Schneider, president of Mortgage Insurance Companies of America, the trade association for mortgage insurers. (USA Today -- Money)
The PMI Group, Inc. Applauds Congressional Action to Extend Tax Deductibility for Mortgage Insurance Premiums Dec 19, 2007
The PMI Group, Inc. logo. (PRNewsFoto/The PMI Group, Inc.) WALNUT CREEK, CA UNITED STATES ... Dec. 18 /PRNewswire-FirstCall/ -- The PMI Group, Inc. (NYSE: ) applauds Congress for passage of new legislation extending a tax provision that enables low- to moderate-income homebuyers to deduct the cost of mortgage insurance premiums from their federal income tax returns until 2010. (PR Newswire)
MBIA, FGIC Granted Reprieve They Need From Moody's: Joe Mysak Dec 19, 2007
The only ominous note to the proceedings was struck by FGIC, which put out a release saying that its investors -- PMI Group Inc., Blackstone Group LP and Cypress Group LLC -- have developed a plan to meet the rating companies' capital requirements. The Company can give no assurance that the plan will be implemented to the satisfaction of all rating agencies in a timely manner,'' FGIC said in a press release. (Bloomberg -- Columnists)
Bond Insurers FGIC, XL May Lose Top Rating, MBIA's Uncertain, Moody's Says Dec 16, 2007
FGIC, controlled by PMI Group Inc., Blackstone Group LP, and Cypress Group LLC, said today it has developed a plan to ensure it can continue to meet Moody's requirements for the top credit rating. The insurer was flagged by Moody's last month as having a ``moderate'' probability of needing to raise additional capital. (Bloomberg -- US)
Tougher Standards Drive Up the Cost of Homeownership Dec 13, 2007
PMI Group Inc. has stopped writing mortgage insurance for borrowers with credit scores below 620 who are financing more than 95 percent of their home's value. Triad Guaranty Insurance Corp. has stopped providing mortgage insurance on option adjustable-rate mortgages, which carry low introductory rates but can lead to a rising loan balance. (Realtor Magazine Online)
Rising Mortgage Fees Push up Closing Costs Dec 11, 2007
Simultaneously, mortgage insurers MGIC and PMI Group are raising premiums on consumers who have low down payments and scores in the mid- to upper 600s. Together these penalties total thousands of dollars, payable either at settlement or in higher interest rates. (Realtor Magazine Online)
Ken Harney: Skyrocketing fees squeeze home buyers Dec 10, 2007
At the same time, the two largest private mortgage insurers - MGIC Corp. and PMI Group - are raising premiums on borrowers who have low down payments and FICO scores in the mid- to upper 600s ... The PMI Group's increased premium levels, which have already taken effect, are roughly similar, but the company also announced that it will no longer insure any mortgages where the down payment is less than 5 percent and the borrower's FICO score is below 620. (San Francisco Chronicle)
