Second Mortgage Wi
New finance company launched by Equitable Group
A new entrant to the finance industry, Bastion Finance Limited, was launched today by The Equitable Group.
The Equitable Group, which is owned by the Spencer family, currently has in excess of $350 million in funds under management.
Bastion Finance will offer a fixed interest first ranking secured debenture with returns generated primarily from commercial second mortgage property transactions and asset finance transactions on equipment, machinery, and commercial vehicles.
Investment will be made across a number of sectors, including rural, marine, manufacturing, and transport.
“The Equitable Group has had an exemplary record since 1972 of offering a range of investment products which have been secured by quality first mortgages," Bastion Chief Operating Officer, Ross Aitken, said.
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The PMI Group, Inc. Reports Second Quarter 2006 Net Income of ...
WALNUT CREEK, Calif.--(BUSINESS WIRE)--Aug. 3, 2006--The PMI Group, Inc. (NYSE:PMI) (the "Company") today reported net income of $109.6 million for the second quarter of 2006 compared to net income of $104.6 million for the second quarter of 2005. Net income per diluted share grew by approximately 10 percent to $1.14 for the second quarter of 2006 compared to $1.04 for the second quarter of 2005.
Highlights in the second quarter of 2006 include:
-- U.S. Mortgage Insurance Operations(1)-- growth in premiums written, premiums earned and average premium rate as well as favorable credit performance with a sequential decline in delinquencies and claims paid;
-- International Operations(2) -- solid growth in PMI Australia's new insurance written, insurance in force and risk in force partially offset by credit performance trending towards historic norms;
-- Financial Guaranty(3)-- continued expansion of FGIC's operations, strong premium earnings and favorable credit performance;
-- Common Share Repurchases -- the Company repurchased approximately 3.2 million common shares in the second quarter of 2006 at a cost of $146.5 million.