PMI Group trims losses to $274 million

Mortgage insurer PMI Group Inc. said it lost $274 million in the first quarter, compared with a $102 million profit a year ago.

Most of the losses -- $172.5 million -- stemmed from U.S. mortgage insurance operations, while another $88 million was related to the company's investment in bond insurer FGIC Corp.

PMI Group's mortgage insurance operations include PMI Mortgage Insurance Co. and affiliated mortgage insurance and reinsurance companies, plus equity in earnings from a joint venture, CMG Mortgage Insurance Co.

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