MEMPHIS, Tenn. – Memphis Area Teachers CU has initiated a program to refinance the growing number of subprime ARMs that are coming due at sharply higher rates. With its Home Protection Loans the credit union will make a loan that will pay of 95% of a member’s high-interest loans, pay closing costs and refinance the loan at a lower rate. Memphis Area Teachers also will pay delinquent property taxes if they can be rolled into the 95% limit. Those who file for bankruptcy are not eligible for the program.
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