The primary default rate on insured mortgages at PMI Group PMI jumped to just short of 20% in the third quarter, as consolidated losses--paid claims and adjustments--for the third quarter and first nine months increased to $337 million and $1.2 billion, respectively. The mortgage insurer, one of the largest in the United States, reported a quarterly loss of $1.13 per share, bringing the year-to-date loss to $5.24 per share. PMI's results were generally in line with its competitors' and our expectations; our fair value estimate is unchanged. We will be listening to the earnings conference call Friday and provide updates as warranted.
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Analyst Notes
08-07-09 | 1:50PM More Claims in 2Q at PMI Group
06-02-09 | 10:06AM PMI Reaches Agreement with Lenders
05-11-09 | 9:34AM PMI Group Reports 1Q Results
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