Developed by a cross-section of credit union stakeholders and spearheaded by the Credit Union Housing Round Table (CUHRT), a working document released today outlines a key credit union mortgage relief initiative.
Drafted to address the most urgent challenge facing America today, the initiative proposes viable mortgage relief to consumers enmeshed in financial hardship. In this troubling environment, the integrated credit union network of CLF, Corporates, and natural person credit unions is in a unique position to assist beleaguered homeowners quickly, efficiently, and in the consumer's best interest – without a dime of taxpayer money.
With the potential for full-bore implementation within 30 days, action steps in the working document support a multi-pronged initiative to implement cooperative, system-wide credit union assistance for members struggling with their mortgage payments.
Eligibility for the three-year, fixed-rate real estate loan modification program is all-encompassing, targeting all credit union members in good standing with a first or second real estate loan with any credit union
Backers of the program within the credit union community see this intervention as a crucial step in making credit unions a vital part of the mortgage finance distribution channel, paving the way for credit unions' active participation in the development of tomorrow’s mortgage industry
Supporting passages in the program document detail funding sources, a high-level overview of the potential effect on stabilizing credit union capital, and a proposed Steering Committee of credit union CEOs and NCUA senior staffers. Highlights of the initiative's proposed "Action Plan/Next StepsA include an accelerated disbursement window of November 17 through December 15, 2008.
Questions? Please contact Gary Oakland, CEO of BECU.