Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA loan mod. seminar open now for sign up
WASHINGTON (3/18/09)—Registration information is now available to credit unions interested in signing up for an April 2 audio conference call featuring the latest information on the Obama administration's loan modification and refinance program. The audio conference, offered by the Credit Union National Association (CUNA), will address Obama’s "Making Home Affordable Refinance and Modification Program," which is designed to help up to 9 million families refinance their existing mortgages or modify their current loans to stave off foreclosure. Under the loan modification plan, borrowers may be offered rate reductions to as low as 2%, have their loan term extended to up to 40 years, and possibly receive forbearance or a reduction in principal. Incentives are provided by the government for lenders, servicers, and borrowers to participate. Under the refinancing provisions, for loans owned or securitized by Freddie Mac and Fannie Mae, borrowers may refinance loans with balances up to 105% of the value of their house, up from the current limit of 80%. During the CUNA audio conference, participants will:
* Hear about the structure and requirements of this new program from the agency experts; * Explore the loan refinance program to understand how borrowers can refinance if a loan exceeds current market value of the home; * Examine the loan modification option and how it’s geared towards members who are behind or are struggling to make mortgage loan payments; and * Learn the requirements of each program, which members qualify, and the benefits to both the credit union and its members for participating in the program.
Key speakers will include Laurie Maggiano, senior policy advisor for the U.S. Treasury Department's Office of Financial Stability, who will address issues surrounding the loan modification program. Speakers from Fannie Mae and Freddie Mac, to be announced soon, will address the refinance aspects of the administration program. The 90-minute audio conference is scheduled for 3:30 p.m. (ET). Use the resource link to register.
Other Resources

RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
1 day ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
1 day ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
1 day ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
1 day ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
1 day ago