CUNA Mutual Group and the Arizona Department of Insurance announced a deal last week that, should it pass regulatory muster, will both resolve questions about CMG Mortgage Insurance’s financial foundations and lead to the rise of a newer and stronger CMG MI, CMG said.
Bermuda-based insurer will operate firm through distribution and reinsurance agreement pending Arizona regulator, other approvals.
A new program from CMG Mortgage Insurance will allow credit unions with delinquent mortgage holders a wider range of options in helping them keep their homes.
The ongoing saga involving PMI Mortgage Insurance and CUNA Mutual Group Mortgage Insurance entered into a new stage on Thanksgiving Eve when the PMI Group, PMI MI's holding company, filed for bankruptcy in federal court.
PMI Mortgage Insurance Company seized by Arizona regulators, ordered to pay 50% of claims.