Statement of NCUA Chairman JoAnn Johnson
Regarding Billion-Dollar Credit Union
Home Loan Payment Relief
Mortgage
Program for Low-Income Homebuyers
Washington, DC, October 31, 2005 – The Credit Union National Association (CUNA) announced the creation of a billion-dollar mortgage lending initiative for America’s credit unions. According to CUNA, the Home Loan Payment Relief (HLPR, pronounced “helper” initiative provides below-market-rate mortgage loans available to borrowers with household incomes at or below the median in their markets.
National Credit Union Administration (NCUA) Chairman JoAnn Johnson released the following statement:
“The nation’s credit unions are once again answering the call of service to help Americans from all walks of life achieve the American Dream of homeownership. I commend the credit union community for launching this billion-dollar mortgage program so more low-income Americans may become homeowners. As a focus of the President’s Ownership Society agenda, turning renters into homeowners enhances the financial well-being of families and the economic base of communities across the country. Every day, America’s credit unions are making a positive difference in the lives of millions of members who need access to the not-for-profit financial cooperative system.”
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