PMI Offers Disaster-Related Forbearance

PMI Mortgage Insurance Co., Walnut Creek, Calif., has announced that it will provide disaster relief for borrowers victimized by Hurricane Katrina in the form of forbearance, contributions, and matching support for employee donations.PMI said it will work with lenders and borrowers in declared federal disaster areas to avoid mortgage delinquencies and foreclosures. "PMI recognizes the same payment relief options offered by Fannie Mae and Freddie Mac, such as suspending or reducing mortgage payments, waiving late fees, and not reporting delinquencies caused by the disaster to credit bureaus," the company said. In addition, the PMI Foundation will donate $50,000 to the American Red Cross for disaster relief, PMI said. PMI's parent company, The PMI Group Inc., can be found online at http://www.pmigroup.com.