CMG Mortgage Insurance, the largest provider of private mortgage insurance for credit unions, said it is providing disaster relief for victims of Hurricane Katrina and allowing credit unions to stretch or rewrite some of the provisions on loans in affected areas.
Under the company's directive, credit unions may suspend mortgage payments for up to six months, agree to repayment plans up to 24 months, modify existing loans, and suspend foreclosures for up to three months in affected areas.
CMG Mortgages is a joint venture between PMI Mortgage Insurance co. and CUNA Mutual Group and provides private mortgage insurance for more than 108,000 homeowners.
