PMI Group, "MERS" Shareholder Files Bankruptcy After Regulators Take Over Unit

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PMI Group, “MERS” Shareholder Files Bankruptcy After Regulators Take Over Unit

PMI Group, “MERS” Shareholder Files Bankruptcy After Regulators Take Over Unit

Remember, PMI Group is also a Mortgage electronic Registration System, INC. “MERS” shareholder! Hmmm…

Business Week-

PMI Group Inc. filed for bankruptcy protection after the mortgage insurer lost a court bid to undo the takeover of its main unit by Arizona regulators.

The Walnut Creek, California-based company listed assets of $225 million and debt of $736 million as of Aug. 4 in a Chapter 11 petition filed today in U.S. Bankruptcy Court in Wilmington, Delaware.

Arizona Director of Insurance Christina Urias took control of the PMI unit last month on an interim basis and directed claims to be paid at 50 cents on the dollar after losses on mortgage defaults drained capital.“

The ADI Director’s action in seeking receivership of MIC, among other things, has led the debtor to seek bankruptcy protection in order to maximize value for its estate and creditors,” L. Stephen Smith, PMI’s chief executive officer, said in court papers.

[BUSINESS WEEK]

 

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