The ongoing saga involving PMI Mortgage Insurance and CUNA Mutual Group Mortgage Insurance entered into a new stage on Thanksgiving Eve when the PMI Group, PMI MI's holding company, filed for bankruptcy in federal court.
CMG MI is the leading provider of private mortgage insurance for credit unions.
Analysts had been considering that the PMI Group might file for bankruptcy ever since the Arizona Department of Insurance stepped in to take control of PMI MI on Oct. 20 and remained in interim control ever since, pending the arrival of a court appointed receiver.
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