Mortgage insurer files for Chapter 11 after offices seized

Mortgage insurer PMI Group filed for bankruptcy yesterday after regulators seized its offices.

On the 21 October, the Arizona Department of Insurance issued the company with an "Order directing full and exclusive possession and control of insurer" and seized the mortgage-insurance unit, locking employees out of the office.

On Tuesday, the company failed in an appeal against the order and subsequently filed for chapter 11 bankruptcy on Thursday citing debts of $736 million.