PHILADELPHIA, Sept. 6 /PRNewswire-FirstCall/ -- As part of a comprehensive
relief program, Radian Guaranty Inc., a provider of mortgage insurance and
subsidiary of global credit enhancement provider Radian Group Inc.
(NYSE: RDN), announced that it will support more flexible mortgage payment
terms in order to accommodate the financial needs of homeowners in the areas
affected by Hurricane Katrina.
Radian's forbearance guidelines will enable loan servicers to apply Fannie
Mae's and Freddie Mac's special relief provisions to mortgage loans where
Radian has insured the first-lien portion. In addition, Radian will make
these special guidelines available to servicers of private label mortgage-
backed securities and non-conforming loans that Radian has insured.
With these delegated loss mitigation and relief provisions, loan servicers
and lenders will have the flexibility to offer a number of resolution
scenarios to borrowers. These include:
-- Suspension of mortgage payments for up to six full payments
-- Repayment plans of up to 24 months
-- Loan modifications to assist borrowers who need to bring delinquent
loans current
-- Suspension of already pending foreclosures for up to three months.
For lenders and loan servicers who require assistance with forbearance
guidelines beyond these terms or for home equity second liens, Radian is
directing all questions to its Loss Mitigation Department consultants
(800-523-1988).
"In this time of tragedy it's important to do what we can to help those in
need," said Roy Kasmar, president of Radian. "Our forbearance policy is just
one small contribution compared to the many other selfless acts and displays
of generosity we're seeing across the country. But we'll continue to do our
part; we'll work with our customers and partners to bring at least some level
of financial relief to all those affected by this terrible disaster."
About Radian Guaranty Inc.
Radian Guaranty Inc. is the mortgage insurance subsidiary of Radian Group
Inc. (NYSE: RDN), a global credit enhancement company headquartered in
Philadelphia. Radian Guaranty provides risk management products and services
to mortgage lenders nationwide; these services increase opportunities for
people to buy homes with little or no downpayment, protect lenders from
default-related losses on residential first mortgages and facilitate the sale
of low-downpayment mortgages in the secondary market. Additional information
may be found at http://www.radian.biz.
SOURCE Radian Guaranty Inc.
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Related links:
http://www.radian.biz
CONTACT:
For investors: Mona Zeehandelaar,
+1-215-231-1674, mona.zeehandelaar@radian.biz, or For the media:
Corporate Communications, +1-888-NEWS-520 (888-639-7520),
media@radian.biz, both of Radian
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