NU Online News Service, Aug. 5, 2:01 p.m. EDT
Standard & Poor's has lowered PMI Mortgage Insurance Co.'s (MIC) financial-strength ratings to CCC-minus from B-minus, saying statutory insolvency and/or regulatory action on the company is possible by the end of the year.
The S&P announcement comes after the company's parent, PMI Group, reported a 2011 second-quarter net loss of $134.8 million, compared to a net loss of $150.6 million in the 2010 second quarter. PMI Group says its U.S. Mortgage Insurance Operations suffered a net loss of $338.4 million in the quarter, driven by elevated losses and loss-adjustment expenses. The company says U.S. Mortgage Insurance Operations' losses were $429.6 million in the quarter, of which $187 million was related to reserves on new loan delinquencies.
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