LOS ANGELES -- Investors criticized officials of Cal-Mortgage's embattled loan insurance program this week for refusing to disclose whether they will demand early redemptions for two troubled issues insured by the program.

The dispute center on Triad Healthcare Inc. of Los Angeles and Los Medanos Health Care Corp. of Pittsburg, Calif. Triad issued $167.4 million of refunding certificates of participation backed by the state program in 1993. Los Medanos, through the California Health Facilities Financing Authority. issued $11.1 million of Cal-Mortgage-insured revenue bonds in March 1990.

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