WASHINGTON (3/26/09)--Credit unions can learn the benefits of participating in the Obama administration’s “Making Home Affordable Refinance and Modification Program” in an April 2 audio offered by the Credit Union National Association. The administration recently announced the details of its plan, which aims to help up to nine million families refinance their existing mortgage or modify their current loan. The program, announced Feb. 18, seeks to stabilize and strengthen the housing sector. Borrowers have two options to reduce their mortgage payments under the plan. One focuses on borrowers who are current on their payments but have not refinanced or taken advantage of lower interest rates because their home has decreased in value. The other option aims to help borrowers who are behind on their payments. During the audio, credit unions can:
* Hear about the structure and requirements of the new program from agency experts; * Explore the loan refinance program and understand how borrowers can refinance if a loan is owned or securitized by Freddie Mac and Fannie Mae, even if the loan balance is more than 80% of the current market value of the home and as long as the balance is no more than 105% of the market value; * Examine the loan modification option and how it’s geared to members who are behind or struggling to make their mortgage loan payments; and * Learn the requirements of each program, which members qualify, and the benefits to credit unions and members for participating in this program.
Industry experts scheduled to speak in the webinar include Laurie Maggiano, senior policy advisor in the Office of Financial Stability at the Department of Treasury, and representatives from Fannie Mae and Freddie Mac. For more information, use the links.