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Personal Injury & Torts

Sep. 2, 2010

PMI Settles Mortgage Suit

Walnut Creek-based The PMI Group Inc., one of the largest private mortgage insurance companies in the country, has agreed to pay $31.25 million to settle a securities class action related to the mortgage crisis.

By Rebecca Beyer

Daily Journal Staff Writer

Walnut Creek-based The PMI Group Inc., one of the largest private mortgage insurance companies in the country, has agreed to pay $31.25 million to settle a securities class action related to the mortgage crisis. The investor plaintiffs claimed PMI loosened its underwriting standards to issue riskier loans, then concealed the value of its portfolio. U.S. District Judge Susan Illston, who had not yet...

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