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Mortgage Insurer PMI Warns Its Profits Will Be Lower for Quarter, Year.
Byline: Rick Jurgens
Jun. 27--PMI Group Inc. warned investors Thursday to lower profit expectations for the company for this quarter and this year.
The Walnut Creek-based issuer of insurance that guarantees payments to mortgage lenders said that business had suffered a triple whammy: a poor economy, a continuing rush to refinance mortgage loans, and problems at Fairbanks Capital Corp., a subsidiary that is the subject of two federal investigations.
PMI said Thursday it anticipates posting net operating income in a range from 71 cents to 78 cents a share for the quarter that runs through June. Nine analysts surveyed by Thomson First Call before PMI's …
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