WASHINGTON — The CU Housing RoundTable's October 21 meeting with NCUA Chairman Michael Fryzel was apparently a fruitful one.
Boeing Employees Credit Union President/CEO Gary Oakland confirmed to the Credit Union Times that the NCUA's new HARP program will be at least partially based on the RoundTable's Member Mortgage Relief Initiative proposal.
"I guess we really came up with something," Oakland said of the similarities between the CU Housing RoundTable's initiative, which taps the CLF, and details released thus far about HARP.
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According to the RoundTable's proposal, corporates would distribute funds to credit unions, which could 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.
Oakland said he hasn't seen the details of the NCUA's plan yet, but said based on discussions he's had with the agency, and his own hunches, he thinks the $8.5 billion BECU will probably participate.
"But, we've discussed so many things, I don't want to speculate until I am able to find out for sure," he said.
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