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NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts.
Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan.
Reg E gift card rule proposed by Fed. Would implement Credit CARD Act requirements that are effective Aug. 22. http://tinyurl.com/yh9eats
AOL's Walletpop advises "fee-weary consumers" to find a credit union, points them to CUNA's online CU locator: http://tinyurl.com/ydsjlvr
NCUA approved 2010 OTR of 57.2 percent
FHFA raises loan-to-value ratio for home refinancers
WASHINGTON (7/2/09)--Homeowners whose mortgages are backed by Fannie Mae or Freddie Mac will now be given greater opportunities to refinance their homes under the Home Affordable Refinance Program (HARP). The Federal Housing Finance Agency (FHFA) Wednesday authorized those government-sponsored entities to increase their loan-to-value ratio ceiling to 125% from the current 105%.
In a press release, FHFA Director James Lockhart said that the higher loan-to-value ceiling will "allow more homeowners to strengthen their finances by taking advantage of lower mortgage rates." Fannie Mae and Freddie Mac may also allow eligible homeowners to "get 'above water' on their mortgages more quickly" by combining their reduced mortgage rate with a quicker amortization schedule.
Such a program "could assist many homeowners who otherwise would have difficulty refinancing due to declining house prices," Lockhart added.
This change in terms could ultimately result in lower monthly mortgage payments for those who refinance under the plan, according to the FHFA release. Borrowers also mays shorten the length of their mortgage, allowing them to reduce long-term interest payments by paying down their principal.
For a copy of the full FHFA release, use the resource link.
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