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Distressed and Declining Markets
Effective July 6, 2010 – Changes to CMG MI's Distressed Markets List and Program Guidelines
Effective June 7, 2010 – Changes to Distressed Markets Policies and Program Guidelines
Effective May 7, 2010 – Changes to Distressed Markets Policies and Program Guidelines
Effective April 2, 2010 – Changes to the Distressed Markets Policy and List and Program Guidelines
Effective January 8, 2010 – Changes to the Distressed Markets Policy and List
Effective November 6, 2009 – Changes to the Distressed Markets Policy and List
Effective October 2, 2009 – Changes to the Distressed Markets Policy and List
Effective August 7, 2009 – Changes to the Distressed Markets Policy and List
Effective April 6, 2009 – Changes to the Distressed Markets Policy and List
Effective March 6, 2009 – Changes to the Distressed Markets Policy and List
Effective December 15, 2008 – Changes to the Distressed Markets Policy and List
CMG MI employs a variety of risk management tools to help assess key factors of the housing market, and the real estate lending environment, as well as loan performance. Based on our assessment of these sophisticated tools, various home price index models and delinquency rates, we regularly update our Distressed Markets Policy and List.
The Distressed Markets Policy is intended to help Credit Unions facilitate sustainable homeownership for qualified borrowers by restricting maximum financing for properties located in distressed and declining markets. Distressed and declining markets are defined as:
- specific geographic areas with property values that have already been influenced by foreclosure, unemployment, and other factors affecting the property values in those areas, and
- specific geographic areas with property values that have been declining or are likely to decline.
CMG MI is committed to achieving affordable, responsible and sustainable homeownership in all of the communities we serve, and we appreciate the opportunity to work with you to achieve this goal. If you have any questions regarding these changes, please contact your CMG MI Account Executive. |