CONTACT:
Marisa Rawling, Communications Manager
CMG Mortgage Insurance Co.
595 Market Street, Suite 400
San Francisco, CA 94105
Phone: (415) 284.2519
Fax: (800) 490.6757
e-mail: marisa.rawling@cmgmi.com
SAN FRANCISCO – Feb. 3, 2012 – CMG Mortgage Insurance Company (CMG MI) announced today that Standard & Poor’s Rating Services affirmed the company’s “BBB” rating, maintaining a negative outlook.
Although the report expressed concerns about the private mortgage insurance sector as a whole, it noted that “Relative to its peers … CMG MI’s operating results have improved at a faster and more stable rate.”
“We are pleased by S&P’s decision to affirm our rating,” said Kim Shaul, senior vice president and co-general manager of CMG MI. “CMG MI has worked closely with credit union customers to actively manage our portfolio, while implementing risk management practices to ensure the quality of new business.”
ABOUT CMG MI
Licensed in all states, CMG Mortgage Insurance Company (CMG MI) provides private mortgage guaranty insurance to protect credit unions against potential losses in the event of borrower default. By covering default risk on residential first mortgage loans, CMG MI facilitates the sale of low-down-payment mortgages in the secondary mortgage market and expands homeownership opportunities by enabling credit union members to buy homes with down payments less than 20 percent. For more information, visit www.cmgmi.com. |
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