CMG Mortgage Insurance Company Announces Disaster Relief for Hurricane Katrina Victims

Business Wire, Sept 7, 2005

SAN FRANCISCO -- CMG Mortgage Insurance Company today announced it will provide disaster relief for credit union members experiencing financial hardship as a result of damage caused by Hurricane Katrina.

"Helping hurricane victims stay in their homes is CMGMI's top priority," said Kathy Schroeder, senior vice president of CMGMI. "At this critical time, homeowners need to focus on repairing the damage to their properties and rebuilding their lives in the wake of the catastrophe. CMGMI will assist credit union members affected by Katrina by providing disaster relief options that will help them cope with this terrible event."

"CMGMI is very sensitive to the needs of credit unions and their members in the regions that have been declared a federal disaster area by the Federal Emergency Management Agency (FEMA)," said Brian Shepherd, senior vice president of CMGMI. "CMGMI recognizes the same payment relief options offered by Fannie Mae and Freddie Mac to avoid mortgage delinquencies and foreclosures, such as suspending or reducing mortgage payments, waiving late fees and not reporting delinquencies caused by the disaster to credit bureaus."

Contact Wes Motschman, Claims and Customer Service Manager, at 800.909.4264 ext. 2539, or Stephanie Mower, Regional Operations Manager, at ext. 2506, for additional information on the company's disaster relief effort. Mr. Motschman and Ms. Mower will conduct case-by-case evaluations to establish payment alternatives for credit union members affected by the disaster.

CMGMI employees are also contributing to Hurricane Katrina relief efforts through company-sponsored donations and private assistance.

ABOUT CMGMI

Licensed in all states, CMG Mortgage Insurance Company (CMGMI) is a joint venture between CUNA Mutual Investment Corporation and PMI Mortgage Insurance Co. The company provides private mortgage guaranty insurance to protect credit unions against potential losses in the event of borrower default. By covering default risk on residential first mortgage loans, CMG Mortgage Insurance Company facilitates the sale of low-down-payment mortgages in the secondary mortgage market and expands homeownership opportunities by enabling credit union members to buy a home with a down payment of less than 20 percent. For more information, visit www.cmgmi.com or call (800) 909.4264.