OAKLAND, Calif. – The Treasury Department approved Oakland Municipal CU last week as an approved servicer in its Home Price Decline Protection component of the mortgage refinance Home Affordable Modification Program, or HAMP, the sixth credit union approved for the program.
The HAMP provides additional incentive payments for modifications on properties located in areas where home prices have recently declined. The purpose of the HPDP is to encourage additional lender participation and HAMP modifications in areas with recent price declines by helping to offset any incremental collateral loss on modifications that do not succeed.
The other credit union participants are: Purdue University Employees FCU, Mission FCU, Wescom Central CU, Technology CU and
