Leadership position in credit union niche. Effective use of parents' operational support. Strong credit quality of credit union customers. Industry-leading operating performance. Conservative underwriting philosophy. Dependence on parents' operational support. Increasing competition from other mortgage insurers. Deteriorating conditions in mortgage industry. Narrow, focused market niche. The insurer financial strength rating on CMG Mortgage Insurance Co. (CMG MI) is based on its leadership position within its market niche, its effective use of operational support from its parents, and the strong credit quality of credit union customers. In 2008, CMG MI's historically strong operating performance began to weaken. Conditions in the credit union segment of the mortgage insurance industry have not bottomed, and competition is heating up. As Standard&Poor's Ratings
