Pmi and Mortgage

Premium and mortgage

Moody's has removed the PMI Group's mortgage arm rating. "Whilst US mortgage insurer demands and the level of new cover have been improving in recent month, the pre-2008 commitments performed by mortgage insurers have undermined capitalisation and these commitments continue to be susceptible to further worsening of the economy," Moody's said in a comment. PMI's overall mortgage portfolios have worsened, with Alt-A, floating rates and pure interest rates providing the poorest results, Moody's said.

High defaults in their portfolio have resulted in PMI's subsidiaries' equity position being at the lower end of the spectrum for mortgage insurance companies that continue to take on new businesses, Moody's said.

&SA disposes of mortgage lending to strengthen equity base

Royale & Sunallance (R&SA) has divested its British mortgage lines to the PMI Group, the US based reinsurer, to retain the extended equity of the struggling British underwriter. PMI, which specializes in insuring mortgage creditors against delinquent debtors, has taken over £9 billion in deals since 1993.

PMI has received 33 million pounds in reserve from R&SA, but it will make a profit contribution from its current operations if the losses are not as high as anticipated.

PMI starts t Right Mortgage and Protection Divison PMI

Right Mortgage and Protection Net establishes a separate department for PMI that provides personal, corporative and SME PMI programs. "We have been active on the PMI market place for several years, both here and in our existing PMI networks. The PMI is a field with specially qualified distribution staff.

Mortgage and Protection Network will work with VitalityHealth to attract new consultants to the PMI industry. Mr. Greg Levine, VitalityHealth's Senior Vice President Commercial and Intermediate Operations, added: "Working with the Right Mortgage and Protection Network allows us to jointly expand the franchise by selling PMI to a non-PMI specialty group.

With its internal PMI Trainingsakademie, the Right Mortgage and Protection Network will offer PMI consultants a supporting home. It will be available to consultants wishing to enter the PMI service together with the support of PMI-vendors.

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