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PMI Falls on Loss, Failure to Meet State Capital Standards

PMI Group Inc., the third-largest mortgage insurer, plunged by almost half after the company posted its 16th straight unprofitable quarter and failed to meet regulators’ capital requirements.

The risk-to-capital ratio was 58.1-to-1 as of June 30 at the Mortgage Insurance Co. unit, above the regulatory maximum of 25-to-1 set by state watchdogs. The unit is prohibited from writing business in six states, and waivers in four others expire by the end of the year, PMI said in a statement today.