ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The Home Affordable Refinance Program (HARP) expires at the end of 2015. It’s been a great opportunity for millions of Americans to refinance to lower rates even when they owed more than the value of the home. But some estimates indicate there are still millions of eligible borrowers who have not taken advantage of it. Is this an opportunity for Credit Unions to be memberlicious?I think so………….HARP is truly a great program for borrowers. It can save them hundreds of dollars on a monthly payment or reduce the term of their loan. There are criteria to qualify for HARP, but the main points are below:A borrower eligible for HARP if they meet all of the following criteria:The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.The current loan-to-value (LTV) ratio must be greater than 80%.The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months. continue reading »
In addition, the pension fund has been awarded a €400,000 grant by the EU to cover initial and running costs “in the first year of its operations”. The EU has also earmarked more money to support the pension scheme in its Horizon2020 budget.“We expect that this generous support will be an open invitation to employers of researchers – public and private research institutions and universities, SMEs, and research and technical development companies – to join the pension fund in its initial phase,” said Gabriella Kemeny, chair of Resaver Consortium and Pension Funds.The consortium behind the Resaver pension fund has already been joined by over 20 organisations representing various institutions, with some expected to start contributions later this year.The pension fund is advised by Aon Hewitt, BlackRock won the initial investment mandate, and Previnet is handling the administration including a multi-language user portal.Paul Jankowitsch, Resaver membership and promotion chair, told IPE he was convinced the pension plan would “improve the financial perspective for researchers and foster mobility within the European Economic Area”. This story previously stated that Italy’s Elettra Sincrotrone Trieste and Istituto Italiano di Tecnologia would be among the first contributors. They have not yet confirmed contributions to Resaver. From March the first member organisations will transfer contributions to the Resaver cross-border pension plan.The first institution to make contributions will be one of the founding members: the Central European University, based in Hungary.Resaver confirmed the pension plan for academic researchers has also achieved “local regulatory approval to operate [in] Hungary and Italy”.The cross-border plan was set up as a Belgian OFP (Organisme de Financement de Pensions) last year and received the approval from the Belgian supervisory authority FSMA a few weeks ago.