SACRAMENTO, Calif. — The $6.58 billion Golden 1 Credit Union has drawn praise from a columnist in its hometown paper for its effort to help residents of the community resolve their mortgage problems.
The Sacramento based CU announced a Mortgage Repair Loan program on March 3 that will provide $20 million to help at least some Californians struggling with mortgages and foreclosures.
"This is not just talking about the mortgage meltdown. We're trying to do something real," says Teresa Halleck, CEO of Golden 1.
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The program offers 30-year, fixed-rate mortgages to Golden 1 members who lost their home to another lender within the past 18 months. But the CU acknowledged the program won't make a huge dent in the mortgage mess. Halleck estimated only about 50 to 75 borrowers will get these loans, which are for a maximum of $417,000.
Golden 1 didn't do the risky, subprime home loans that are now hobbling many lenders, Halleck said, which is why it's got some extra funds to help a limited number of Californians rejoin the ranks of homeowners.
The program drew praise from Jim Wasserman writing in The Sacramento Bee. "The route back to housing stability travels one household at a time," he wrote.
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