NY State Mortgage Insurer's Rating Affirmed at AA

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.