Friday, August 8, 2008

Walnut Creek's PMI Hit with Massive Quarterly Loss

By Chris Thompson
Fri, Aug 8, 2008 at 8:20 AM

The housing market's collapse took out a big knife and went to work on the innards of the Walnut Creek mortgage insurer PMI Group, according to the EB Biz Times. How bad is the butcher's bill? Well, let's see: this time last year, PMI reported $83.8 million in profit, a pretty tidy sum. This year, the company reported $246.3 million in losses, mostly due to mortgage insurance claims paid out. Now, the firm will have to shut down its Canadian arm in order to consolidate operations. PMI is one of the East Bay's biggest firms, but if this keeps up, it won't be for long...

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