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Isda rules credit event has taken place for mortgage insurer

Tuesday, November 29, 2011

The International Swaps and Derivatives Association (Isda) ruled yesterday that a credit event had taken place with regards to PMI Group’s bankruptcy filing last week. Isda has ruled that the date of the default is 23 November, the date that PMI filed for bankruptcy after failing in a court bid to overturn the seizure of its mortgage insurance unit by Arizona state regulators. Isda has ruled that an auction should take place.  


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