Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
arkygirl
Now HERE'S a crash I can enjoy watching.....what about Select Portfolio?

By Erik Holm

Oct. 18 (Bloomberg) -- PMI Group Inc., the second-largest U.S. mortgage insurer, fell the most in 12 years in New York trading, after saying it will have a surprise third-quarter loss as borrower defaults ``significantly worsened'' in September.

The insurer said today it will lose $1.05 a share in the period and withdrew earnings forecasts for the year, one day after MGIC Investment Corp., the largest mortgage insurer, said it won't be profitable in the fourth quarter or 2008. MGIC said losses are increasing as housing markets worsen in parts of California and Florida.

``PMI has the largest Florida exposure of the `big three' mortgage insurers,'' said Seth Glasser, a credit analyst at Barclays Capital Inc., in a note to investors. ``Loss severity in that state must be accelerating quickly.''

The cost to bail out lenders is expected to increase fivefold from the same period a year earlier to about $350 million, Walnut Creek, California-based PMI said in a statement today. Stagnant home prices make it harder for banks to recover when loans go bad.

PMI dropped $3.35, or 13 percent, to $23.30 at 1:07 p.m. in New York Stock Exchange composite trading, the biggest fall since the company went public in 1995. The company has declined 51 percent this year amid the worst U.S. housing slump in 16 years.

http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=PMI:US&sid=a3DWvENjm.RM
Quote 0 0
Write a reply...