Navy FCU Pledges $125 Million InSubsidized Mortgages
VIENNA, Va. - (11/03/05) -- Navy FCU said it has committed $125million to the new Home Loan Payment Relief Program launched byCUNA, the biggest pledge of any of the 61 participating creditunions. Under the program, dubbed HELPR and pronounced 'helper' forshort, credit unions will subsidize mortgages for low- andmoderate-income members, providing adjustable-rate loans at 1%below market rates. CUNA hopes to provide as much as $10 billion inthe low-interest loans over the next five years. The other creditunions with the biggest pledges under the program are: BoeingEmployees CU ($100 million); Orange County Teacher's FCU ($60million); Suncoast Schools FCU ($49 million); Bethpage FCU ($30million); Security Service FCU ($25 million); Star One CU ($22million); Wescom CU ($20 million); and Alaska USA FCU ($20million).