American First CU’s Participation in Freddie Mac Relief Refinance MortgageSM Program Provides Members Increased Options

      La Habra, Calif., August 10, 2009— American First Credit Union is pleased to participate in the Freddie Mac Relief Refinance MortgageSM  Program. The program provides much needed relief to members who are struggling to refinance their existing mortgage loans because their home’s value is lower than what they owe on it in the current declining real estate market. Qualified members who are making timely mortgage payments but have been unable to refinance due to declining property values can apply for this loan to refinance their home at up to 25 percent more than its current estimated value.  

     Since it began participating in the program, American First has loaned its members more than $14 million, resulting in either reduced payments or more attractive terms for  its members.

“American First is excited to provide additional refinancing options for our members,” said Bob Street, American First President/CEO. “As a result of this program, we’ve been able to help our members reduce their mortgage payments and, in some cases, even help them avoid foreclosures.”

     American First Credit Union (AFCU) is a member-owned, full-service financial cooperative established in 1952.AFCU has over $700 million in assets and serves more than 70,000 members. Membership is open to anyone who lives, works, worships or attends school in Orange County or 16 additional cities throughout the Greater Los Angeles area. To determine credit union eligibility or to find branch locations, visit www.amerfirst.org or call 800/ 290-1112.

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