On April 15, 2008, Standard&Poor's Ratings Services removed its 'AA-' counterparty credit and financial strength ratings on CMG Mortgage Insurance Co. (CMG MI) from CreditWatch with negative implications. At the same time, Standard&Poor's affirmed its ratings on CMG MI. The outlook is negative. The affirmation reflects Standard&Poor's view that the recent downgrade of PMI Mortgage Insurance Co. (PMI MIC), a co-owner of CMG MI, will not have a material impact on CMG MI's financial strength. When we lowered the financial strength rating on PMI MIC on April 8, 2008, we placed the ratings on CMG MI on CreditWatch negative to evaluate the impact of the downgrade on CMG MI. Despite the downgrade, Standard&
