Both CMG Mortgage Insurance and the Federal Home Loan Bank of Boston are playing down the importance of the bank's recent decision to stop buying some mortgages that use CMG MI as their primary insurance.
CMG MI is as a 50/50joint venture between PMI Mortgage Insurance Co. and CUNA Mutual Insurance Society.
The bank made its decision in the wake of Standard and Poor's July 29 downgrade of CMG MI's rating from A to BBB+, according to a spokesman for the bank. The bank announced the move, which takes effect Oct. 19, on Aug. 19.
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