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NCUA Vice Chairman Hood participates in Launch of Massachusetts Credit Union League’s $100 million “HLPR” Mortgage Initiative

March 6, 2006, Boston, MA – National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood joined the Massachusetts Credit Union League in launching a $100 million commitment to the Credit Union Community Hope Initiative; a nationwide effort aimed at providing nearly $1 billion in below-rate mortgage loans to lower-income first-time homebuyers.

The Credit Union Community Hope Initiative or (“HLPR”: Home Loan Payment Relief) program allows participating credit unions the opportunity to offer a three-year adjustable rate mortgage at one percentage point lower than the national average for such loans to qualifying borrowers.  After three years, it will adjust annually to market rates, with rate adjustments capped at 1% per year, and 5% over the life of the loan. 

For the announcement, Vice Chairman Hood joined the league officials, state Commissioner of Banks Steven Antonakes, and other invited officials included: Governor Mitt Romney, Lt. Governor Kerry Healy, Senator Edward Kennedy, House Financial Services Committee Ranking Member Rep. Barney Frank, and Representative Michael Capuano.

Several credit unions in Massachusetts are making commitments and Vice Chairman Hood thanked the Massachusetts Credit Union League for its broad support of the initiative.  “This commitment demonstrates the true spirit of making the ‘ownership society’ a reality for Americans who otherwise would be left to being renters,” said Vice Chairman Hood.  “Massachusetts’ credit unions are committing their money and partnering with the HLPR initiative, which is an innovative and compassionate way for credit unions to join together in helping their members achieve the American Dream of homeownership.”

For additional information regarding the initiative contact Rob Kimmett of the Massachusetts Credit Union League at:  rkimmett@cucenter.org.

The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions.  NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 85 million members in all federal credit unions and the overwhelming majority of state-chartered credit unions.