American First Restructures $14 Million in Mortgages
The $648 million American First Credit, headquartered in La Habra, Calif., has made more than $14 million in loans to members to help them restructure existing mortgage loans in the face of possible delinquency.
The credit union did so by participating in Freddie Mac's Relief Refinance Mortgage Program, aimed at homeowners who are current on their existing mortgages but need to refinance them before their rate resets. The program is an initiative from the mortgage GSE in support of the Obama Administration's Making Home Affordable plan.
"American First is excited to provide additional refinancing options for our members," said Bob Street, American First's CEO. "As a result of this program, we've been able to help our members reduce their mortgage payments and, in some cases, even help them avoid foreclosures."