PMI Mortgage Insurance Co. -- one of the nation's top three issuers of private mortgage insurers before it was forced to stop writing new policies in August -- has been taken over by regulators, who have slashed claim payments and are seeking to place the company in receivership.Saying growing losses had left the company undercapitalized, the Arizona Department of Insurance on Aug. 19 placed PMIC and PMI Insurance Co. under supervision and ordered the companies to stop writing new mortgage insurance policies in all states.Fannie Mae and Freddie Mac -- which require private mortgage insurance when homebuyers make down payments of less than 20 percent -- suspended the companies from their list of approved insurers three days later.On Thursday, the Department of Insurance obtained a court order authorizing it to take possession of PMIC. Parent company PMI Group Inc. said regulators had instituted a partial claim payment plan under which payments will be reduced to 50 percent, with the rem...
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