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
April 2 CUNA audio call set for loan mods
WASHINGTON (3/13/09)—Credit unions can get the latest information on the Obama administration’s recently announced loan modification and refinance program via an April 2 audio conference call offered by the Credit Union National Association (CUNA). 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. That plan is intended to allow borrowers who are struggling or unable to make their payment to modify their loans so that payments are affordable. Speakers from Fannie Mae and Freddie Mac, to be announced soon, will address the refinance aspects of the administration program, designed to help mortgaged homeowners who are current on their payments, but unable to refinance their loans because of decreased home values. Under the loan modification plan:
* Borrowers may be offered rate reductions to as low as 2%, extending the term of the loan up to 40 years, and possibly forbearing or reducing the 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 and Fannie, borrowers will be able to refinance loans with balances up to 105% of the value of their house, up from the current limit of 80%.
Registration information for the 90-minute, 3:30 p.m. (ET) audio conference will soon be available. Watch CUNA’s News Now for more details.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
13 hours ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
15 hours ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
15 hours ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
15 hours 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
17 hours ago