bought 10000 shares @ 0.71 here

Extention news late yesterday
http://biz.yahoo.com/e/090430/pmi8-k.html

Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01 Entry into a Material Definitive Agreement.
We, The PMI Group, Inc. ("PMI"), currently have $200 million outstanding under our $250 million revolving credit facility. The credit facility contains a number of financial covenants, including a minimum Adjusted Consolidated Net Worth (as defined in the facility) requirement of $1.5 billion, a maximum total debt to total capitalization percentage requirement of 35%, and a maximum risk-to-capital ratio requirement of 20 to 1. Events of default under the facility include, among others, PMI Mortgage Insurance Co. ("PMI MIC") failing to maintain a financial strength rating of at least "Baa" from Moody's while also failing to maintain a financial strength rating of at least "BBB" from Standard & Poor's.

Effective March 15, 2009 and April 14, 2009, the lenders under the credit facility agreed to suspend the financial strength ratings event of default, reduce the minimum Adjusted Consolidated Net Worth requirement to $1.2 billion and increase the maximum PMI MIC risk-to-capital ratio requirement to 24.0 to 1, through April 15, 2009 and April 30, 2009, respectively. As part of these agreements, we agreed not to borrow additional amounts under the facility or contribute additional capital to our subsidiaries unless and until we are in compliance with the financial strength ratings, Adjusted Consolidated New Worth and risk-to-capital ratio provisions as they were set forth in the credit facility prior to their suspension. Effective April 29, 2009, the lenders and PMI agreed to amend the credit facility to continue the suspension of the financial strength ratings event of default, continue the reduction of the minimum Adjusted Consolidated Net Worth requirement to $1.2 billion and continue the increase of the maximum PMI MIC risk-to-capital ratio requirement to 24.0 to 1, through May 8, 2009. The April 29, 2009 amendment to the credit facility is filed as an exhibit herewith and is incorporated herein by reference.

We are actively engaged in discussions with the lenders under our credit facility to amend financial covenants and events of default under the credit facility, including the financial strength ratings event of default described above. We cannot be sure that we will complete an amendment to the credit agreement on terms acceptable to us prior to the expiration of the temporary suspension described above, or that we will complete such an amendment at all. Unless the credit facility is successfully amended prior to May 9, 2009, or the suspension of the financial strength ratings event of default and financial covenants are extended beyond May 8, 2009, an event of default under the facility will occur on May 9, 2009.

Upon an event of default, we would likely be required to repay all outstanding indebtedness under the credit facility and the lenders under the credit facility would have the right to terminate their loan commitments under the facility. In addition, an event of default under the facility, if not cured within 30 days after notice from the trustee for our senior notes or from holders of our senior notes, would cause an event of default under our outstanding senior notes and could require us to repay all our outstanding senior notes. For a complete description of our credit facility and the risks attendant thereto, see our Annual Report on Form 10-K for the year ended December 31, 2008, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Credit Facility, and Item 1A. Risk Factors - Capital and Liquidity Constraints.