The Credit Union HLPR Mortgage

Statement of NCUA Chairman JoAnn Johnson
Regarding Billion-Dollar Credit Union Home Loan Payment Relief
Mortgage Program for Low-Income Homebuyers

National Credit Union
1775 Duke Street
Alexandria, VA 22314-3428

Media Inquiries, Contact:
Phone: (703) 518-6336
Fax: (703) 518-6319

Washington, DC, October 31, 2005 " The Credit Union National Association (CUNA) announced today the creation of a billion-dollar mortgage lending initiative for America"s credit unions. According to CUNA, the Home Loan Payment Relief (HLPR, pronounced "helper") initiative provides below-market-rate mortgage loans available to borrowers with household incomes at or below the median in their markets.

National Credit Union Administration (NCUA) Chairman JoAnn Johnson released the following statement:

"The nation"s credit unions are once again answering the call of service to help Americans from all walks of life achieve the American Dream of homeownership. I commend the credit union community for launching this billion-dollar mortgage program so more low-income Americans may become homeowners. As a focus of the President"s Ownership Society agenda, turning renters into homeowners enhances the financial well-being of families and the economic base of communities across the country. Every day, America"s credit unions are making a positive difference in the lives of millions of members who need access to the not-for-profit financial cooperative system."