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GLENDALE FEDERAL BANK PICKS UP BORROWERS' TAB FOR SIX MONTHS' MORTGAGE PAYMENT INSURANCE

 GLENDALE, Calif., Nov. 30 ~PRNewswire~ -- As part of a special loan program, Glendale Federal Bank is providing six months' mortgage payment insurance premiums at no cost to borrowers who obtain a new mortgage or refinance their current home loan through Glendale Federal Bank between Dec. 1, 1992, and March 31, 1993.
 The promotional offer is available to qualifying homebuyers in California who buy or refinance their principal residence, without obligation to continue the coverage.
 Mortgage Payment Security, Glendale Federal Bank's unemployment insurance for homeowners, pays monthly mortgage payments up to $3,500 in the event of involuntary job loss. Premiums cover principal and interest payments, as well as escrowed property taxes and home insurance.
 "In today's economy, many people like the added security of knowing that their home won't be jeopardized if they are laid off or their jobs are eliminated," said Glendale Federal Bank senior vice president Robert Trujillo.
 "Mortgage Payment Security was introduced this summer and, for many homebuyers and homeowners, it meant the difference between buying the home they wanted or waiting -- which could have meant missing out on the current buyer's market and low interest rates."
 The program is available to homebuyers 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; who are not self-employed, an independent contractor or seasonally employed; and who are not under notice of impending layoff or job elimination.
 Two-income families are also eligible, with each wage-earner being covered separately for one half of the total monthly mortgage payment.
 At the end of the initial six-month period, borrowers may continue the insurance by paying the monthly premium along with their normal mortgage payment. No further qualifications are required.
 Trujillo added, "Fear of job loss has kept some people out of the market, but we hope our six-month Mortgage Payment Security offer helps them take advantage of the low interest rates."
 Glendale Federal Bank is a subsidiary of GLENFED Inc. (NYSE: GLN; PSE), the nation's fifth largest saving bank with 214 banking offices in California, Florida and Washington.
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 ~CONTACT: Judy Cunningham of Glendale Federal Bank, 818-500-2274; or, Francine Savage of Healy-Williams & Co., 415-546-6166, for Glendale Federal Bank~ (GLN)


CO: Glendale Federal Bank ST: California IN: FIN SU:

SG-TM -- SF002 -- 1855 11~30~92 11:00 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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