The PMI Group created PMI Guaranty because it saw the need to serve the whole credit spectrum. PMI Guaranty was formed to respond to a specific niche in the market - the second loss position.

Traditionally, the PMI Group had been providing mortgage insurance, which covers the first loss position. Then, in 2003, the firm was the lead investor in a group of companies that acquired FGIC, which provides enhancement to the remote loss position

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