Walnut Creek Mortgage Company - Ouch!
Wednesday, October 31st, 2007Reuters news agency reported today on their website that the PMI Group Inc., the second-largest United States mortgage insurer, posted a quarterly loss, hurt by $348.3 million in losses and reserves for future losses at its United States mortgage insurance operations based in Walnut Creek, California.Reuters news agency reported today on their website that the company posted a net loss of $86.8 million, or $1.04 a share, for the third quarter, compared with net income of $104.2 million, or $1.16 a share, a year ago.
Reuters news agency reported today on their website that the loss per share was a penny better than analysts’ average estimate and PMI’s outlook of $1.05 per share loss.
Reuters news agency reported today on their website that earlier in the month, the Walnut Creek, California-based company had said it expected total losses of about $350 million for the quarter for its U.S. mortgage insurance operations.
Total losses include paid claims, loss adjustment expenses and additions to the reserve for future losses.
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