Cape Cod Five receives MassHousing's 2008 Special Achievement Award
The Massachusetts Housing Finance Agency, known as MassHousing, held their Annual Awards Ceremony in Boston on May 14, and recognized The Cape Cod Five Cents Savings Bank with its 2008 Special Achievement Award "for the Bank's outstanding utilization of the Mortgage Insurance Fund to create new and innovative affordable housing products."
According to David Brennan, Senior Vice President and Director of Mortgage Banking at Cape Cod Five, "The MI Plus program made available through MassHousing has become a critical tool for our bank to help Cape Cod homebuyers with less than the required 20% down payment to take advantage of historic low interest rates and the most affordable home prices we have seen in some time. Unlike traditional private mortgage insurance that only benefits the lender, this plan protects the homeowner by making their mortgage payments for up to six months should unemployment occur during the first ten years of the mortgage. This additional protection is provided at no additional cost. There are currently 7,704 loans insured under this program and out of the 175 borrowers that have filed a claim not one has gone into foreclosure."
MassHousing was created as an independent authority through a Massachusetts Legislative Act in 1966. The agency was founded to provide affordable home mortgage financing for low and moderate income homebuyers as well as the construction and preservation of affordable rental housing in the Commonwealth. The agency partners with a selective network of Massachusetts lenders, has an independent Board of Directors appointed by the Governor and does not use tax payer funds to fulfill its mission.
The Bank's President and CEO, Dorothy A. Savarese added, "We are most proud of our association with MassHousing. Because of their great success at making dreams come true while utilizing responsible lending practices, we are especially honored by this award."
The award was presented by Thomas Gleason, Executive Director, MassHousing. More information on MassHousing is available at www.masshousing.com .
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