PMI Group Inc., the mortgage insurer whose main unit was taken over by regulators last month, will be in court today asking an Arizona judge to undo the seizure and put PMI back in charge.
Arizona insurance regulators moved too quickly to take over PMI Mortgage Insurance Co. because the unit still has $2 billion in cash and liquid investments and can keep paying policyholder claims until 2014, PMI Group said in court papers filed in state court in Phoenix.
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