PMI, which with CUNA Mutual Group created CMG Mortgage Insurance in 1993, filed for Chapter 11 bankruptcy protection Nov. 23.
Kim Shaul, senior vice president and general manager of CMGMI provided this emailed statement to Credit Union Times, "The bankruptcy filing affects the holding company for PMI. CMG Mortgage Insurance Company is a joint venture between PMI's mortgage insurance company and CUNA Mutual. The filing will have no impact on the day-to-day operations of CMG MI."
Last month the Arizona state insurance regulators took over operations of PMI.
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