For more information:
Marisa Rawling (415) 284.2519
e-mail: marisa.rawling@cmgmi.com
 
April 22, 2008

S&P Affirms “AA-” Rating for CMG Mortgage Insurance Company
 
SAN FRANCISCO – CMG Mortgage Insurance Company announced that Standard & Poor’s has affirmed the company’s “AA-” insurer financial strength (IFS) rating, with a Negative Rating Outlook.  CMG MI has also been removed from S&P’s CreditWatch with negative implications.

The report stated that “the insurer financial strength rating on CMG MI is based on its leadership position within its niche focus on credit unions, its effective use of operational support from parents, the very strong credit quality of credit unions’ customers and its strong operating performance.”

CMG MI is a 50/50 joint venture between PMI Mortgage Insurance Co. and CUNA Mutual Investment Corp.  CUNA Mutual is owned by its member credit union companies (and individual credit union members).

S&P’s report cites its view that the recent downgrade of PMI “will not have a material impact on CMG MI’s financial strength.”

“I’m pleased by S&P’s decision to affirm our rating,” said Brian Shepherd, senior vice president and general manager of CMG MI.  “Our parent companies’ expertise in combination with CMG MI management experience gives us the advantage of being well-prepared to meet the challenges of the current market.”

According to Kathy Schroeder, senior vice president and general manager, “CMG MI is in a very strong position.  As the only mortgage insurance provider that exclusively serves credit unions, we have benefited from the high quality of business originated by credit unions as well as the implementation of risk management and loss mitigation techniques.  Our customers recognize that the value we offer combines both extensive experience in a wide variety of economic scenarios and the expertise to manage those scenarios successfully.”
 
About CMG MI
Licensed in all states, CMG Mortgage Insurance Company (CMG MI) operates as a corporate joint venture between CUNA Mutual Investment Corporation and PMI Mortgage Insurance Co.  The company 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 a home with a down payment of less than 20 percent.  For more information, visit www.cmgmi.com or call (800) 909.4264.