MGIC Unveils Mortgage Payment Protection

Mortgage Guaranty Insurance Corp., Milwaukee, has announced a new program under which borrowers with eligible MGIC-insured loans can obtain protection from home foreclosure in the event of disability or involuntary unemployment.The Mortgage Payment Protection Plan, which MGIC termed the first of its kind in the private mortgage insurance industry, is offered at no cost to lenders or consumers. MGIC said it pays the premium for the MPP Plan's protection of monthly mortgage principal and interest payments to a third-party insurance provider. "The program enables MGIC to reduce its losses and to pass on that benefit to help protected borrowers," the company said. The plan is targeted at first-time homebuyers and emerging-markets loan programs. MGIC can be found online at http://www.mgic.com.