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Mortgage Insurance

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Paid Claims Swamp PMI Group in Second Quarter 

Aug 07, 2008By

The PMI Group, Inc. [stock PMI][/stock] found itself hit with a swarm of paid claims as the number of borrowers defaulting on their mortgages continued to climb during the second quarter. The Walnut Creek, Calif.-based insurer said that it lost $246.3 million in Q2, or $3.03 per share, compared to income of $83.8 million, or $.95 per share, one year earlier.