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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.

Fitch’s rating is based on the corporation’s strong underwriting performance, which has proved profitable during its 27-year history. During that time, it has had to pay just 11 claims. Other factors include REMIC’s very low risk leverage ratio (2.9:1 at the end of its fiscal year 2000), its high level of geographic concentration, small size and the rating limitations imposed by HDC.

On Oct. 31, 2000, REMIC had $32 million in total assets, more than $156 million of insurance in force and $93.5 million at risk on 263 loans.

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