Michigan Credit Union League Home » Governmental Affairs » Making Home Affordable

The Michigan Credit Union League has created this page to house information on the Economic Stimulus Package signed into law by President Obama on Feb. 17. As the MCUL and CUNA continue to analyze the many parts of this package, documents will be posted here that explain what the measures mean for credit unions.

• CUNA Summary of Homeowner Affordability and Stability Plan (updated March 5) (Word)
• U.S. Treasury - Making Home Affordable - Summary of Guidelines (PDF) 
• U.S. Treasury - Home Affordable Program Guidelines (PDF)
• U.S. Treasury - Updated Detailed Program Description (PDF)

Note that the page containing information on the Emergency Economic Stabilization Act of 2008 is still operational and located here.

• Fannie Mae “Making Home Affordable” program
• Freddie Mac “Making Home Affordable” program
• CUNA Conference Call on "Making Home Affordable" - Summary April 2 (Word)
• "Making Home Affordable" Loan Modification Program
  
  • Non-Fannie Mae and Non-Freddie Mac Mortgages (PDF)
• "Making Home Affordable" Participation Agreement for Lenders (PDF)

Second Lien Program:

• 8/24/09: Comments on Exception to the Maturity Limit on Second Mortgages 
• 4/28/09: Making Home Affordable Program Fact Sheet (PDF )
• Second Lien Program Sample Calculation (PDF)
  

Loan Modification (New documents added 3/31/10):

• Overview of adjustments to the Home Affordable Modification Program (PDF) - New
• HAMP Improvements Fact Sheet (PDF) - New
• FHA Refinance Fact Sheet (PDF) - New
• Examples of Helping Homeowners (PDF) - New
• Consumer FAQ (PDF) - New
• 5/28/09: Loan Modifications Letter from NCUA (PDF) 
• U.S. Treasury's loan modification guidelines: www.FinancialStability.gov