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GLENDALE FEDERAL BANK ANNOUNCES UNEMPLOYMENT INSURANCE FOR HOMEOWNERS

 GLENDALE FEDERAL BANK ANNOUNCES UNEMPLOYMENT INSURANCE
 FOR HOMEOWNERS
 FT. LAUDERDALE, Fla., Sept. 23 /PRNewswire/ -- Glendale Federal Bank today announced the Florida introduction of a mortgage payment insurance program available with new home loans, including refinancings, that will cover mortage payments for borrowers who become involuntarily unemployed through job loss or layoff. The program, underwritten by American Security Insurance Co. of Atlanta becomes available Sept. 28.
 "This program provides an added measure of safety to potential homebuyers who may be delaying their home purchase because of uneasiness about the economy or job security," said David L. Sass, Glendale Federal Bank senior vice president. "The Mortgage Payment Security program is also a plus to people who want to refinance their mortgages and take advantage of today's lower interest rates."
 Mortgage Payment Security covers mortgage principal and interest payments as well as escrowed property taxes and home insurance for borrowers who become unemployed through job elimination of layoff. The program provides coverage of up to $3,500 per month for up to 12 months, and the customer becomes eligible to receive benefits as early as 31 days after job loss.
 Many consumers have put off buying a home because of worries about job loss, according to recent research by the Federal National Mortgage Association. In the survey, consumers acknowledge several good reasons to buy now -- such as reduced prices and attractive interest rates -- but cite an "unstable economy" and possible job loss as arguments for delaying purchase.
 "In a prolonged recession, it's reasonable to be concerned about job security and the ability to keep up mortgage payments," said Sass. "The impact of unemployment is a major factor in mortgage delinquencies, but with Mortgage Payment Security, home-loan borrowers can have added confidence about their decision."
 "We're committed to helping our customers build and maintain assets through this economically challenging period," he added. "The extra safety provided by Mortgage Payment Security adds value to our home-loan product line, even in a more 'normal' economic climate."
 The program could help the economy too, said Sass. "If you subtract the fear factor from the home purchasing decision, the resulting feeling of security -- personal, family and economic -- could substantially increase the number of potential buyers."
 Mortgage Payment Security is available to recent Glendale Federal Bank mortgage borrowers under the age of 60 who have been employed for 30 or more hours a week for at least 12 months with no more than two employers, and are neither self-employed, an independent contractor, seasonally employed nor are under notice of impending layoff or job elimination. Two-income families may choose benefits based on each wage earners contribution to the mortgage payment.
 Glendale Federal Bank is a subsidiary of GLENFED Inc. (NYSE: GLN), which is the nation's fourth-largest saving bank with 60 branches in Florida.
 -0- 9/23/92
 /CONTACT: Linda Polen of Glendale Federal Bank, 305-767-1477; or Dave Butcher of Healy-Williams, 813-969-4150, for Glendale Federal Bank/
 (GLN) CO: Glendale Federal Bank; GLENFED, Inc. ST: Florida IN: FIN SU: PDT


GT-TB -- SF001 -- 2489 09/23/92 09:02 EDT
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Publication:PR Newswire
Date:Sep 23, 1992
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