PMI Group
The PMI Group is a holding company whose primary subsidiary is the PMI Mortgage Insurance Co. (PMI).
| Industry | Mortgage Insurance |
|---|---|
| Fate | In Receivership |
| Founded | 1972 |
| Founder | Preston Martin |
| Headquarters | , |
| Website | www |
PMI has a 50% equity ownership in CMG Mortgage Insurance Company, founded in 1994 as a JV with CUNA Mutual Group, and CMG Mortgage Assurance Company (collectively CMG MI), a provider of private mortgage insurance to the credit union industry.
The company was founded in 1972 by Preston Martin and is headquartered in Walnut Creek, California.
In October 2011, Arizona insurance regulators seized PMI's main subsidiary and reduced claim payouts to 50% of the claim made with the balance of each claim being deferred.[1] Shortly afterward, PMI filed for bankruptcy.[2]
References
- Beaudette, Marie (2011-11-25). "Mortgage Insurer PMI Group Files for Bankruptcy". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-04-17.
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