The Massachusetts Housing Finance Agency (MassHousing), recently held their annual awards ceremony in Boston, and recognized The Cape Cod Five Cents Savings Bank with its 2008 Special Achievement Award.

The bank was recognized for its utilization of the Mortgage Insurance Fund to create affordable housing products.

"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 percent down payment to take advantage of historic low interest rates and the most affordable home prices we have seen in some time," said David Brennan, senior vice president and director of mortgage banking at Cape Cod Five. "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."  

The award was presented by Thomas Gleason, executive director of MassHousing.