The deal which will see CUNA Mutual Group and the Arizona Department of Insurance sell their interest in CMG Mortgage Insurance is only part of a much larger deal which addresses how the assets of the now-bankrupt PMI are addressed, according to a CMG spokesman.
CMG – the credit union industry's largest mortgage insurer – and PMI jointly owned CMG MI from its founding in 1993 until Arizona regulators took it into receivership in October 2011.
PMI then went into bankruptcy, though the branch of the firm which owned CMG MI remained in receivership and was not part of the overall company's bankruptcy.
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