ASCU Receives 167 HARP Apps
PHOENIX-Arizona State CU said it has accepted 167 applications for the Home Affordable Refinance Program (HARP) in its efforts to help underwater homeowners obtain more affordable mortgages. Homeowners who are current on their Fannie Mae mortgage and have been unable to obtain traditional refinances because the values of their homes have declined may be eligible for HARP. HARP has been extended by the Federal Housing Finance Agency to help people whose outstanding balance is greater than the home's value.
100% Financing On Some Mortgages
VIENNA, Va.-Navy Federal Credit Union said it is providing 100% financing for active or retired military personnel and their families seeking home mortgages. The credit union said its Active Duty Choice mortgage loans help members get a loan with more flexibility in qualifying. For veterans or active duty personnel who qualify, the Veterans Administration offers military-specific loans that also include mortgages with 100% financing.
Relocation Product Being Offered
RICHMOND, Va.-Genworth Financial said its U.S. Mortgage Insurance unit is offering a relocation product with discounted mortgage insurance premiums to help credit unions expand their market and pursue business from members relocated by corporate and military employers.
The product targets members of the military who tend to move more than the average American family. The discount could save active duty military and non-military borrowers up to $500 over the typical five-year period in which Genworth holds an insured loan, based on a $200,000 30-year loan with a 5% down payment and a borrower with a 660-679 FICO score.
Treasury Turns Profit On MBS
WASHINGTON-The Treasury Department announced it finished selling $225 billion worth of mortgage-backed securities issued by Fannie Mae and Freddie Mac from banks and credit unions - and earned $25 billion on the program in the process.
The earnings came from interest payments, principal and rising prices for the securities, which the Treasury Department bought back to help prop up the secondary mortgage market in 2008 and 2009. The buyback, which began under the Bush administration and expanded once President Obama took office, was only for MBS insured by Fannie and Freddie.
