WALNUT CREEK, Calif.,
July 30 /PRNewswire-FirstCall/
-- The PMI Group, Inc.'s (NYSE: PMI) (the "Company") primary
subsidiary, PMI Mortgage Insurance Co., announced the sale of its
equity ownership in FGIC Corporation ("FGIC"), the holding company
of Financial Guaranty Insurance Company. The financial terms of the
sale were not disclosed. The Company had impaired its
investment in FGIC in the first quarter of 2008 and, consequently,
did not recognize any losses from FGIC in 2009 or 2010. While
the proceeds from the sale of FGIC were not significant, PMI
Mortgage Insurance Co. could potentially realize certain tax
benefits in future periods from the disposition of FGIC. Any
potential tax benefits could be limited or delayed, and there can
be no assurance whether or when any such tax benefits will be
realized. The Company's ability to recognize any such tax
benefits will depend on, among other things, estimated future
taxable income at the end of future financial reporting periods.
About The PMI Group, Inc.
The PMI Group, Inc. (NYSE: PMI), headquartered in Walnut Creek, CA, provides credit enhancement
solutions that expand homeownership while supporting our customers
and the communities they serve. Through its wholly and partially
owned subsidiaries, PMI offers residential mortgage insurance and
credit enhancement products. For more information:
www.pmigroup.com.
Cautionary Statement: Statements in this press release that are
not historical facts, or that relate to future plans, events or
performance are "forward-looking" statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Readers
are cautioned that forward-looking statements by their nature
involve risk and uncertainty because they relate to events and
depend on circumstances that will occur in the future. Many
factors could cause actual results and developments to differ
materially from those expressed or implied by forward-looking
statements. Risks and uncertainties related to PMI and its
business are discussed in our SEC filings, including in Item 1A of
our Annual Report on Form 10-K for the year ended December 31,
2009, and our Quarterly Report on Form 10-Q for the quarter ended
March 31, 2010. We undertake no obligation to update
forward-looking statements.
SOURCE The PMI Group, Inc.