C-BASS Completes $278 Million REMIC, C-BASS Series 2001-CB4.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 21, 2001

C-BASS, the established leader in servicing and securitizing credit-sensitive residential mortgages, and an affiliate of MGIC (NYSE:MTG) and Radian Group Inc. (NYSE:RDN), today announced that it has closed on a transaction backed by approximately $286,000,000 of residential mortgage collateral.

Salomon Smith Barney, as Lead Manager, and Banc of America Securities LLC, and Bear, Stearns & Co. Inc. as Co-Managers, underwrote the approximately $278,027,000 of investment grade Certificates. The publicly issued transaction, Salomon Mortgage Loan Trust, Series 2001-CB4, C-BASS Mortgage Loan Asset-Backed Notes represents C-BASS' fourth whole loan securitization of the year.

The Certificates are rated by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P"), and Fitch, Inc. ("Fitch").

The securitization consists of 9 classes of Certificates. The mortgage loans are segregated into two loan groups. Loan group 1 consists of Certificates of the Classes IA-1, IM-1, IM-2, IB-2, and IA-IO. Loan group 2 consists of Certificates of the Classes IIA-1, IIM-1, IIM-2, and IIB-1. The Certificates are rated as follows: Class IA-1/IIA-1 and IA-IO, each rated Aaa/AAA/AAA; Class IM-1/IIM-1 rated Aa2/AA/AA; Class IM-2/IIM-2 rated A2/A/A; and Class IB-1/IIB-1 rated Baa2/BBB/BBB. Loan group 1 is backed by $254.4 million of conventional fixed-rate and adjustable-rate, FHA insured, and VA guaranteed mortgage loans. Loan group 2 is backed by $31.4 million of conventional and FHA insured, fixed-rate, high loan-to-value ratio mortgage loans.

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

C-BASS is a limited liability company capitalized by MGIC Investment Corporation (NYSE:MTG), Radian Group Inc. (NYSE:RDN), and C-BASS management. MGIC Investment Corporation, based in Milwaukee, WI is the parent of Mortgage Guaranty Insurance Corporation (MGIC), and Radian Group Inc., based in Philadelphia, PA is the parent of Radian Guaranty Inc.

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