RALEIGH, N.C. – State Employees CU announced a new forbearance program to help the growing mortgage crisis among its membership The credit union giant said it has agreed to waive late fees on first mortgage loans for 45 days and approve requests to extend monthly payments on qualified first mortgage loans for up to three months. The aim is to help members whose lives have been disrupted by untimely crises, like the loss of a job, death of a spouse, divorce or illness of a family member. SEC said it plans to introduce two new mortgage products next month that will help members struggling with predatory mortgages, like exploding ARMs, at other lenders.
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