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NY State Mortgage Insurer's Rating Affirmed at AA

NEW YORK CITY-The New York City Residential Mortgage Insurance Corp., which insures first mortgages to promote affordable housing, received the rating, in part, because of its strong underwriting performance, low risk leverage ratio and geographic concentration.

By John Howe | Updated on July 27, 2001

NEW YORK CITY-The insurer financial strength rating of the New York City Residential Mortgage Insurance Corp. has been affirmed AA with a stable rating outlook, by Fitch, the securities rating agency. Created by New York State in 1973, REMIC is a public-benefit corporation that insures mortgages to promote the development and restoration of affordable housing in New York City.

REMIC provides first mortgage insurance to banks, credit unions and pension funds and others that finance multifamily properties, condominiums, cooperatives as well single-family homes. REMIC has been a subsidiary of the New York Housing Development Corp. since 1993, its largest client.

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