PMI Group reported a record loss of $1.01 billion or
$12.51 a share for the fourth quarter of 2007.
The losses were tied both to the growing rate of foreclosures which
cost PMI negative income of $236 million in its U.S. mortgage insurance
operations.
In other mortgage news, Option One Mortgage
Corporation, a division of H&R Block, has been sold to Wilbur Ross for an
estimated $1 billion.
Ross is known as a distressed asset investor who has, in recent
months, agreed to acquire $42 billion in mortgage servicing rights
from…