CMG Mortgage Insurance Offers ForbearanceOn Home Loans

Register now

SAN FRANCISCO - (09/08/05) -- CMG Mortgage Insurance, the largestprovider of private mortgage insurance for credit unions, saidyesterday it is providing disaster relief for victims of HurricaneKatrina and allowing credit unions to stretch or rewrite some ofthe provisions on loans in affected areas. Under the company'sdirective, credit unions may suspend mortgage payments for up tosix month, agree to repayment plans up to 24 months, modifyexisting loans, and suspend foreclosures for up to three months inaffected areas. CMG Mortgages is a joint venture between PMIMortgage Insurance co. and CUNA Mutual Group and provides privatemortgage insurance for more than 108,000 homeowners.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER