PMI shares fall after mortgage insurer swings to loss

BOSTON (MarketWatch) -- Shares of mortgage insurer PMI Group Inc. were down 18% Thursday morning after the company reported a $246.3 million second-quarter loss. The company said the loss was driven by its exposure to the troubled U.S. mortgage market, adding it was closing its operations in Canada. PMI shares have lost half their value over the past three months on worsening conditions in the mortgage and housing markets.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on... [read full story]