Published On: Thu, Sep 3rd, 2015

Blackstone invests in troubled mortgage insurer PMI

From left Blackstone’s head of real estate Jon Gray and Blackstone CEO Steve Schwarzman

The Blackstone Group bought a stake in troubled mortgage insurer PMI, apparently continuing its strategy to bet on companies for which prices plunged following the financial crisis.

California-based PMI was hit hard by the wave of foreclosures in 2008 and 2009 and went bankrupt, ceasing to insure new loans in August 2011. The company left bankruptcy protection in 2013 and has recently seen its fortunes rise, according to Bloomberg.

Read the full story at The Real Deal New York

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