PMI Group Files for Chap. 11 Bankruptcy Protection After Judge Upholds Seizure by Arizona Regulators
December 1, 2011
Private mortgage insurer PMI Group Inc. circled the wagons last week when it initiated voluntary Chapter 11 bankruptcy protection to protect stakeholders as state regulators move to appoint a receiver for the companys mortgage insurance unit. Headquartered in Walnut Creek, CA, but incorporated in Arizona, the Nov. 23 move to file for bankruptcy protection came one day after a Maricopa County judge rejected PMI Groups bid to overturn the Arizona Department of Insurances seizure of its main unit, PMI Mortgage Insurance Co., in October. As part of the process to...