Strong credit quality of credit union customers Conservative underwriting philosophy Effective use of parent's access to credit unions Leadership position in credit union niche Difficult conditions in mortgage industry Dependence on financially troubled parent's operational support Heightened competition from other mortgage insurers within credit union market Standard&Poor's Ratings Services' insurer financial strength rating on CMG Mortgage Insurance Co. (CMG MI) is based on its leadership position within its niche credit union market, the strong credit quality of credit union customers, and the company's conservative underwriting philosophy. Offsetting these strengths is the difficult macroeconomic environment, which caused weak operating results in 2011 and 2010 and continues to impair 2012 results. CMG MI also faces sustained competition, as peers continue
