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Washington
CU HARP application period extended to Dec. 29
ALEXANDRIA, Va. (12/19/08)--The National Credit Union Administration (NCUA) has extended the application period for credit union participation in the Credit Union Homeowners Affordability Relief Program (CU HARP) by ten days. Credit unions now have until Dec. 29 to submit an initial request to participate in the CU HARP program. CU HARP is designed to help credit unions modify mortgage terms to assist delinquent borrowers or borrowers facing undue hardships. The NCUA estimates CU HARP will provide interest rate relief to 10,000 households. It also estimates that about 600 credit unions are eligible for the program. The NCUA this week hosted an audio conference jointly with the Credit Union National Association and the National Association of Federal Credit Unions to address credit union questions about CU HARP and its companion initiative, the Credit Union System Investment Program (CU SIP). Under CU SIP, participating creditworthy credit unions would borrow from the NCUA's Central Liquidity Facility and invest the proceeds in participating corporate credit unions. Use the resource links below to access the NCUA's archived audio conference and program details for CU HARP and CU SIP.
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