Credit Union HARP 2.0 Demand Swells
by Gina Ragusa
The need to refinance underwater homes under the Home Affordable Refinance Program 2.0 (HARP) has not waned as Arizona State Credit Union ($1.3 billion Phoenix, AZ) reports saving more than 600 members $2 million plus annually in average mortgage payments.
In a recent release the credit union stated that, “Since the program’s roll out in March 2012, the credit union has accepted 1,042 applications in its quest to help underwater homeowners obtain more affordable mortgages.”
This equates to an overall average member savings of $369 on monthly mortgage payments. “I am thrilled that we can offer this product to our members, especially after seeing how many have benefitted from the program,” stated David E. Doss, President/CEO of Arizona State Credit Union in the release. “As a local financial cooperative, it is our responsibility to help Arizona residents rebound from economically challenging times, and HARP allows us to do just that.”
According to mortgage expert Dan Green, U.S. financial institutions closed more than 500,000 HARP mortgages through the first seven months of 2012.