CUNA Unveils Billion-Dollar AffordableHousing Plan

WASHINGTON - (10/27/05) -- CUNA and several credit union headswill introduce a plan next week that will provide as much as $1billion in low-cost mortgages for low- and moderate incomehomebuyers. Under the Home Loan Payment Relief, pronounced'helper', program, credit unions will provide low-interestadjustable-rate mortgages with low closing fees to eligiblehomeowners. As many as 50 credit unions have volunteered toparticipate in the program, sources told The Credit Union Journal.The plan will allow certain low- and moderate-income familiesborrowers to qualify for mortgages they would not otherwise beeligible for, the sources said. The program will be unveiled Mondayby CUNA President Dan Mica, Orange County Teachers FCU PresidentRudy Hanley, and Municipal Employees (Baltimore) CU President BertHash, all of whom helped develop the project.