Industry NewsMortgage

Regulators move to wind down mortgage insurer

PMIC was ordered to stop writing new policies in August
Published on Oct 25, 2011

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by CareyBot

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.

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