Tuesday, May 13, 2008

Big East Bay Insurance Company Takes Big Hit

By Chris Thompson
Tue, May 13, 2008 at 8:07 AM

The Walnut Creek-based PMI Group, one of the East Bay's largest publicly-traded companies, reported a brutal first-quarter loss of $274 million, according to the East Bay Business Times. Yes, the subprime market has done its evil work once again, as losses in the mortgage insurance business cut deep gouges in PMI's revenue. In addition, the company's investment in the bond insurer FGIC seem to have contributed to the meltdown; sadly, company executives referred to their problems with FGIC as "other than temporary." Oh, dear.

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