PMI Mortgage Insurance Co., a division of PMI Group Inc. (NYSE: PMI) has sold its entire investment in RAM Holdings Ltd. (OTC: RAMR). PMI had impaired its investment in RAM Holdings in 2008 and reduced the carrying value of the investment to zero. The company will use its proceeds to add to its liquidity.
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The move comes in lieu of PMI's focus on its US mortgage insurance operations. PMI Group implemented a 5 point plan to address the challenging US economy and the negative global market sentiment.
The PMI Group, Inc. (TPG) provides residential mortgage insurance products designed to promote homeownership. During the year ended December 31, 2008, the Company operated in four segments: United States Mortgage Insurance Operations, International Operations, Financial Guaranty, and Corporate and Other.
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