Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Regulators urge loan mod participation
WASHINGTON (3/5/09)—The National Credit Union Administration (NCUA), along with the federal bank and thrift regulators, encouraged all federally regulated financial institutions to participate in the Obama administration’s newly detailed “Making Homes Affordable” loan modification program. The U.S. Treasury Department’s guidelines implement financial incentives for mortgage lenders to modify existing first mortgages and set standard industry practices for modifications. In its announcement yesterday, Treasury said its loan modification program also includes additional incentives for efforts to extinguish second liens on modified loans. Extinguishing second liens, the department said in its release, will make mortgages more affordable, improve loan performance, and help prevent foreclosures. The NCUA, in a joint statement with federal bank and thrift regulators, said the agencies strongly support the administration’s goal of promoting sustainable loan modifications for at-risk homeowners “that appropriately balance the interests of homeowners, servicers, and investors.” “The program also provides incentives for homeowners whose mortgages are modified to remain current on their mortgages after modification. Taken together, these incentives should help responsible homeowners remain in their homes and avoid foreclosure, thereby easing downward pressures on house prices in many parts of the country and averting the costs to families, communities, and the economy from avoidable foreclosures,” the joint statement said. The federal bank, thrift, and credit union regulatory agencies worked closely with Treasury in developing the guidelines, the statement noted. Use the resource link below to see program details.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
1 Day ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
1 Day ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
1 Day ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
1 Day ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
1 Day ago