The PMI Group announced today on its website that it has formed a homeownership preservation team headed by John Jelavich, PMI’s newly appointed Vice President of Homeownership Preservation Initiatives.
Jelavich will expand PMI Group’s National Accounts Servicing team, whose primary responsibility will be to work with banks and mortgage lenders on foreclosure prevention solutions to help keep more borrowers in their homes.
It’s unclear what measures the company will take to help homeowners stay put, but it’s apparent that things have deteriorated to the point where the company is looking to take things into its own hands.
Last month, Mortgage Insurance Companies of America (MICA) reported that defaults rose for the sixth straight month to a record high of 68,950, up from 64,384 in December, and 31 percent from the 52,528 recorded in the same period a year ago.
A week ago, PMI Group reported a fourth quarter loss of $1 billion, compared to profit of $100 million a year earlier.
Shares of PMI Group were down 51 cents, or 7.34%, to $6.44 in afternoon trading on Wall Street, nowhere close to their 52-week high of $50.50.