WASHINGTON — The New York Times featured credit unions' HLPR–Home Loan Payment Relief program–this past Saturday as an alternative to the typical subprime mortgage market.
The article, "Credit Unions: The Silent Source," outlined the benefits of the program, which is typically for households below the area's median income but in high-cost areas like New York and northern New Jersey, exceptions have been made. HLPR loans are 1% below the national average and are available in fixed or adjustable rate options.
Currently the program, which has been strongly trumpeted by CUNA, has about 200 committed credit unions with $1.3 billion in commitments for loans and about $0.5 billion in loan extensions with $1 billion in loan approvals, CUNA Chief Economist Bill Hampel told reporters this morning. In some markets, he explained, borrowers are having difficulty finding the right priced homes.
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"Since credit unions are nonprofit cooperatives, they don't have to pay federal income taxes or pay dividends to stockholders, so they can offer better deals," Hampel told The New York Times. "That's also why they don't have any incentive to talk someone into taking out a shaky loan."
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