FBR Capital Markets late Friday said it has halted coverage of The PMI Group, Walnut Creek, Calif., the nation’s second largest MI firm.
The decision comes about 10 days after the New York Stock Exchange suspended trading in PMI’s shares, and the Arizona Department of Insurance took control of the company.
At June 30, the California-based MI had $121 billion of single-family policies-in-force, ranking second nationwide behind MGIC Investment Corp., according to figures compiled by National Mortgage News.
Sources said that up until last week PMI’s management was scurrying to find outside capital to prop up the firm.
PMI has not written any new policies in two months and likely will go into “run-off” mode.
About two weeks ago, two top executives of the insurer – EVP and general counsel Andrew D. Cameron and corporate controller Thomas H. Jeter – resigned, effective immediately.
Daily Briefing | Monday, November 7, 2011
Fed Loan Survey: No Easing on Underwriting Standards
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CFPB Will Give Advance Notice on Certain Enforcement Actions
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The CoreLogic HPI Continues to Slide, Re: REO
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Agency MBS Prepays Come in Closer to Expectations
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As Servicers Catch Up With Foreclosure Starts, New REOs Likely to Affect Prices
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Google Adds LoanSifter to Comparison Ad Tech Vendors
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Deutsch Testifies Before the House Financial Services Committee
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MarketAxess Offers E-Trading for Non-Agency RMBS and CMBS
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Bankers Want More Government Solutions for Foreclosure Crisis
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Trenton Police FCU Signs With Residential Home Funding
Trenton Police FCU has signed a deal with Residential Home Funding Corp. to provide it with mortgage banking services.
New Orleans Housing Rehab Boosted by Short-Term Debt
A vacant, hurricane-damaged residential tower in New Orleans will be rehabilitated with proceeds from Wednesday’s negotiated sale of $7.4 million of multifamily revenue bonds issued by Louisiana Housing Finance Agency.
Dems Raise Stakes in Battle Over CFPB’s Cordray
The Obama administration seized on a rare case of bipartisan consensus Thursday the need for strong consumer protections for members of the military to pressure Senate Republicans to confirm Richard Cordray as director of the Consumer Financial Protection Bureau.
Controversial Law Firm Feeling Congressional Heat Over Foreclosures
Democratic Rep. Elijah Cummings is looking for evidence of potential improprieties at a controversial New York law firm that represents banks in foreclosure cases.
Fannie Survey: Consumers Still Pessimistic on Housing, But…
Consumers continue to be pessimistic about home prices with many saying that values still have further to fall but they also believe, overwhelmingly, that now is a good time to buy.
AmeriFirst Taps Tech in Bid to Service Its Own Loans
With the mortgage industry hyper-diligent about loan reporting these days, it is turning to technology to bring servicing operations in-house while achieving the same cost efficiencies that traditionally have been achieved via subservicing arrangements.