WASHINGTON -- The CU Housing RoundTable, a group that made headlines earlier this month recommending a credit union-controlled secondary mortgage market, has presented a proposal to the NCUA, asking to make $1 billion in CLF funds available to natural person credit unions, through the corporate network, to assist with problem real estate loans.

The group presented the Member Mortgage Relief Initiative to the NCUA last Tuesday, October 21. According to the CU Housing RoundTable's Web site, Boeing Employees Credit Union President & CEO Gary Oakland, who heads the initiative's task force, met with NCUA Chairman Fryzel two days later to discuss the plan "with the understanding the Task Force would provide additional thoughts on the structure of the proposed Initiative."

The proposal would allow credit unions to use the funds to modify, pay off or bring current existing first or second real estate loans. Members must be in good standing and be able to demonstrate economic distress.