C-BASS COMPLETES $191 MILLION REMIC, C-BASS SERIES 1999-CB5.

NEW YORK--(BUSINESS WIRE)--December 8, 1999--

C-BASS, the established leader in loss mitigation for delinquent residential mortgages, and an affiliate of MGIC (NYSE:MTG) and Enhance Financial Services (NYSE:EFS), today announced that it has closed on a transaction backed by approximately $191,000,000 of residential mortgage collateral. Greenwich Capital Markets, Inc. and First Union Securities, Inc. underwrote the $179,000,000 of publicly offered Certificates as lead- and co-manager respectively. In addition, MBIA Insurance Corporation is providing credit enhancement on the Class A Certificates with an irrevocable and unconditional certificate guaranty insurance policy. The publicly issued transaction, C-BASS Mortgage Loan Asset-Backed Certificates, Series 1999-CB5 represents C-BASS' eleventh securitization to date and its fifth of the year.

The Certificates are rated by Standard & Poor's Ratings Services (S&P), Moody's Investors Service, Inc., and Duff & Phelps Credit Rating Co. (DCR).

The securitization consists of 4 classes of Certificates, Class A-1 and A-2 (together the Class A Certificates), each rated AAA/Aaa, Class BB (the Class B Certificates) that carry a BB rating from DCR and the Class X Certificates, which are not rated. The transaction is backed by $127,554,000 of fixed rate mortgage loans with conforming balances (GROUP 1), and $63,363,000 of two sub-groups of fixed-rate non-conforming mortgage loans and adjustable-rate mortgage loans (GROUP 2). The Certificates are secured by conventional and FHA/VA insured, one-to-four family, first and second lien residential mortgage loans.

The $179,119,000 of Class A Certificates were segregated into two groups, each receiving as its primary source of funds distributions from one of the two collateral groups. The $120,539,000 Class A-1 Certificates are backed by the GROUP 1 mortgage pool and structured with a fixed pass-through rate of 7.47 percent, while the $58,580,000 Class A-2 Certificates are backed by GROUP 2 and carry a variable pass-through rate with a spread to one month LIBOR of 45 basis points. The Class A-1 and A-2 Certificates are both senior Certificates and have been fully subscribed.

Servicing for the underlying collateral is performed by Litton Loan Servicing LP, a C-BASS company. C-BASS is a New York-based company specializing in the acquisition, servicing and securitization of credit impaired or unconventional residential mortgages. C-BASS combines advanced credit risk analysis, seasoned loss mitigation expertise, and proprietary default management technology to provide special and subprime servicing for subperforming and non-performing mortgage loans.

C-BASS is a limited liability company capitalized by MGIC Investment Corporation (NYSE:MTG), Enhance Financial Services Group Inc. (NYSE:EFS), and C-BASS management. MGIC Investment Corporation, based in Milwaukee, WI, is the parent of Mortgage Guaranty Insurance Corporation (MGIC), the nation's leading provider of private mortgage insurance. Enhance Financial Services Group, Inc., based in New York, is a leading provider of credit-based insurance and financial services.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities.