WASHINGTON — NAFCU praised the plan unveiled yesterday by NCUA Chairman Michael E. Fryzel to use $2 billion from the Central Liquidity Fund to pay for mortgage relief for low-and middle-income credit union members.
"As we have strongly advocated in the past, we believe it is critical that the health of the National Credit Union Share Insurance Fund is not jeopardized. NAFCU deeply thanks you for implementing a program that does not draw on funds from the NCUSIF and consequently place the NCUSIF at increased risk," NAFCU President Fred Becker wrote in a letter sent to Fryzel last night.
Under the Credit Union Homeowners Affordability Relief Program the credit union, in exchange for the reduced likelihood of borrower default on the mortgage, would also match the rate break, doubling the benefit to struggling homeowners, the agency said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
