CINCINNATI – The Federal Home Loan Bank of Cincinnati on Friday announced it is making $250 million in low-cost funds available to its credit union and bank members to help troubled homebuyers refinance their mortgages. Assistance under the FHLB’s HomeProtect Program at the FHLB’s cost of funds to lenders, and will be available to borrowers whose homes are at risk of foreclosure. Mortgages through HomeProtect can be made to homeowners earning 115% or less of an area’s media income. The FHLB Cincinnati serves 740 institutions, including 110 credit unions in Kentucky, Tennessee and Ohio, which has one of the highest foreclosure rates in the country.
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