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Washington
NCUA mortgage loan amendments open for comment
WASHINGTON (7/15/09)--The Credit Union National Association (CUNA) has issued a regulatory comment call on an interim National Credit Union Administration (NCUA) rule that would allow federal credit unions that take part in the U.S. Treasury’s home loan modification program to modify second mortgage loans to match the terms of modified first mortgages. Under the final rule, credit unions will be able to modify a second mortgage to match the term of a modified first mortgage--even if it is extended beyond 20 years. The NCUA currently allows credit unions to extend first mortgage loans to as long as 40 years. CUNA is looking to generally gauge public sentiment on the proposed rule, and is specifically asking if the interim rule should apply to all mortgage modifications. CUNA is also seeking industry input on whether or not the current maturity limit on second mortgages should be permanently removed. The rule is effective as of June 24, 2009. The NCUA will accept comments on the rule until August 24, and the NCUA has previously said that the final rule could be amended, if necessary. Comments are due to CUNA by August 12. For more information, use the link.


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