PMI Group Inc., the mortgage insurer that filed for bankruptcy protection in 2011, said a “well-known private-equity investor” ended talks about taking a minority stake in the reorganized company.
“The potential investor recently terminated such negotiations, and the company expects not to proceed with a transaction,” San Ramon, Calif.-based PMI said today in a regulatory filing.
The insurer said it hasn’t yet decided whether it will pursue other outside investors. PMI didn’t give a reason why the talks, disclosed in December, ended.
A rebound in the housing market is fueling investor interest in
NMI Holdings Inc. raised $550 million last year to open a mortgage insurer, and MGIC Investment Corp. and Radian Group Inc. have sold common stock and convertible senior notes this year to bolster their units that back home loans.
