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.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
8h ago -
The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
9h ago -
Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
10h ago -
Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
11h ago -
A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
July 2