The PMI Group, a top-ranked mortgage insurer, posted another large quarterly loss but is seeing some signs of improvement in its defaults. The California-based MI lost $157 million in the first quarter, a 36% increase from the loss suffered a year ago. But it said loan defaults fell to 147,248 on March 31, compared to 150,925 at yearend. With its defaults improving, PMI hopes to raise $600 million through the sale of stock. Analysts at FBR Capital Markets view the proposed capital raise by the company as a positive, saying, "It would significantly reduce the company's capital and liquidity pressures."
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