Encourages all Ginnie Mae issuers to provide as much forbearance as possible to mortgagors in disaster areas as declared by President Bush in Colorado, Iowa, Minnesota, Indiana, Wyoming, South Carolina, and California. For the months of June, July, and August 2002, Ginnie Mae will assist issuers with pass-throughs if the issuer has more than 5% of its Ginnie Mae loan portfolio in the affected areas. Ginnie Mae should be asked to provide assistance only as a last resort. Ginnie Mae is also authorizing issuers of pools containing loans on properties damaged by this disaster to buy the loans out of the pools for the remaining principal balance of each loan, whether the loan is delinquent or not.

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For a listing of your properties in any of the declared disaster areas, or for a list of zip codes in affected areas, please contact us at: info@safeguardproperties.com