The State of Arizona moved in last week to assume control of PMIMortgage Insurance, one of the two shareholding companies of CUNAMutual Group Mortgage Insurance, the leading mortgage insurer forcredit unions in the U.S.

In its Oct. 20 order, the Superior Court for the State ofArizona gave the state's Department of Insurance the “full andexclusive power of management and control” of the company pending ahearing on the appointment of a receiver for the company.

The move came as the latest in series of regulatory measurestaken to address the firm, which has lost millions of dollars inthe wake of the real estate crisis. Regulators had previously shutdown the firm's ability to write new policies and after the firm'scapital fell below regulatory requirements.

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