Standard and Poor's July 29 downgrade of CUNA Mutual Group Mortgage Insurance Company from A to BBB+ led in part to the Federal Home Loan Bank of Boston's decision to stop buying mortgages that have their primary insurance with CMG MI, according to a spokesman for the Bank.
The Bank announced the move, which takes effect October 19, on August 19.
Mark Zelermyer, vice president for corporate communications for the bank, said the rating drop had been part of the process the bank used to come to its decision and that none of the loans currently in the pipeline for sale would be effected. The October 19 effective date "should give our members enough time and notice," he said.
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