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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
