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CU System
CMG Mortgage Insurance offers guidance for floods
SAN FRANCISCO, Calif. (6/25/08)--CMG Mortgage Insurance Company (CMG MI) Tuesday announced that its insured policyholders can take advantage of payment relief options for their members facing financial hardship related to the flooding in the Midwest. “CMG MI offers credit union mortgage servicers a number of ways to provide relief to members in the declared disaster areas,” Brian Shepherd, senior vice president and general manager of CMG MI, said. “For example, at their discretion following consultation with CMG MI, servicers may reduce or suspend mortgage payments for up to 12 months for members with CMG MI-insured mortgages.” To help mitigate the impact of the flooding and preserve homeownership, CMG MI is instructing servicers of insured loans to work with members affected by the flood disaster to implement several relief measures, including:
* Forbearance on the member’s mortgage payments for up to 12 months; * No reporting of forbearance or delinquencies caused by the disaster to credit bureaus; * Suspension of foreclosure and eviction proceedings for up to 12 months; and * Suspension of termination of CMG MI-insured certificates for non-payment of premium by servicers.
“Helping these flood victims stay in their homes is CMG MI’s goal,” said Kathy Schroeder, senior vice president and general manager of CMG MI. “These homeowners need to focus on repairing the damage to their properties and rebuilding their lives. "CMG MI supports their efforts through the significant relief options available to our insured policyholders, which are modeled on those offered by Fannie Mae and Freddie Mac. We recognize that preserving homeownership is essential," Schroeder said. Contact Chris Eckenroad, CMG MI claims and customer service manager, at 800-909-4264, ext. 2539, or Mark Berkowitz, CMG MI’s vice president for operations and underwriting, at ext. 2504, for additional information on the company’s disaster relief effort. Eckenroad and Berkowitz will conduct case-by-case evaluations to establish payment alternatives for credit union members affected by the disaster.
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