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Article: Mortgage Insurers Offer Forbearance to Hurricane Charley Victims.
- Article from:
- National Mortgage News
- Article date:
- September 6, 2004
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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All of the private mortgage insurers have implemented relief plans for borrowers who were hurt by Hurricane Charley (and by Tropical Storm Bonnie, which did much less damage).
United Guaranty Corp., the Greensboro, N.C., unit of American International Group here, has sent a letter to its lender and servicer clients encouraging them to ease payment requirements and to make necessary concessions to prevent foreclosure action on homeowners with severe property damage or interrupted employment.
The company said the forbearance measures follow guidelines established by Fannie Mae and Freddie Mac, a point echoed by a number of its competitors, including ...