PMI Leads Mortgage Insurer Rally on Paulson’s Bet
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PMI Group Inc., the insurer that posted 12 straight quarterly losses, rose the most in four months, leading mortgage guarantors higher after billionaire John Paulson’s hedge fund disclosed it bought 5 million shares.
Paulson’s stake in the Walnut Creek, California-based company makes his hedge fund the ninth largest holder of PMI, according to data compiled by Bloomberg. The firm disclosed its holdings as of June 30 in a filing yesterday with the U.S. Securities and Exchange Commission.