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Thursday, May 23, 2024 | Back issues
Courthouse News Service Courthouse News Service

Subprime Fiasco Brings Another Class Action

SAN FRANCISCO (CN) - Shareholders claim the PMI Group defrauded the market about its exposure to subprime mortgage securities, inflating its share price, which crashed from $50.21 in February 2007 to $6.48 on Jan. 17.

The federal class action claims PMI, which "provides credit enhancement products designed to promote homeownership and facilitate mortgage transactions" on three continents inflated its share price through false and misleading financial statements.

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