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PMI Mortgage Restructures Certain Modified Pool Policies

Results in estimated aggregate statutory benefit of approximately $51m

PMI Mortgage Insurance has restructured certain modified pool policies which the company says has resulted in positive statutory capital benefits.

In connection with the restructuring, the company paid the counterparty aggregate accelerated discounted claim payments of approximately $264m.

The company said that the positive impact that the restructurings had on its loss reserves for the fourth quarter of 2009 resulted in an estimated aggregate statutory benefit to PMI of approximately $51m.

Headquartered in Walnut Creek, CA, PMI Mortgage Insurance provides credit enhancement solutions that expand homeownership while supporting customers and the communities they serve. Through its wholly and partially owned subsidiaries, PMI offers residential mortgage insurance and credit enhancement products.