Louisville Magazine

FEB 2012

Louisville Magazine is Louisville's city magazine, covering Louisville people, lifestyles, politics, sports, restaurants, entertainment and homes. Includes a monthly calendar of events.

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SPECIAL ADVERTISING SECTION )"31 )PNF "GGPSEBCMF 3FmOBODF 1SPHSBN .PSUHBHF 0QUJPO GPS 5PEBZ T .BSLFU The economy continues to struggle in the areas of jobs and housing. As a result, many homeowners owe as much or more than the value of their home. Chris Steiner, vice president, regional manager of mortgage OHQGLQJ DW 5HSXEOLF %DQN LGHQWLÀHV one of the biggest dilemmas facing homeowners today: "Most cannot take advantage of the historically low rates due to the loss of value and equity in their homes." The government offered a solution to this problem with the introduction RI WKH +RPH $IIRUGDEOH 5HÀQDQFH Program (HARP), but the original offering contained many roadblocks for homeowners. The new and improved program, HARP 2.0, will permit more homeowners to UHÀQDQFH ZLWKRXW D FDS RQ WKHLU loan-to-value percentage. Steiner explains it will also reduce the credit risk fees associated with the original program. "Simply, HARP 2.0 should KHOS PRUH KRPHRZQHUV UHÀQDQFH and take advantage of lower rates with less costs and less worry about their homes value." A couple of keys to this program are: 1. The loan must be held by Fannie Mae or Freddie Mac. 2. The original note date must be before May 31, 2009. Chris Steiner $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $SFEJU 6OJPOT 5PEBZ T "MUFSOBUJWF $IPJDF Ray Kirkland, president, Louisville Medical Federal Credit Union, describes credit unions as one of the best-kept secrets in banking. Contrary to popular belief, it's not hard to join a credit union, Kirkland explains. "Membership is legally restricted to groups of people who share a common bond, like our members who work in all areas of health care. However, eligibility rules are now more liberal so virtually anyone who wants to join D FUHGLW XQLRQ FDQ ÀQG RQH µ Credit unions are member-owned ÀQDQFLDO FRRSHUDWLYHV DQG DUH QRW IRU SURÀW 7KH\ DUH GHPRFUDWLFDOO\ controlled by members, allowing account holders an equal say in how the credit union is operated, regardless of how much they have invested in the credit union. The principal function of a credit union is to encourage member savings and provide credit (loans) to members at favorable interest rates. Credit unions received national media attention last November as a result of Bank [72] LOUISVILLE MAGAZINE 2.12 Transfer Day, a consumer activism LQLWLDWLYH FRQFHLYHG E\ D GLVVDWLVÀHG bank customer in California who encouraged bank customers to transfer their cash to credit unions. The event was in part a response to aggressive fees big banks planned to charge for debit cards. Some banks reversed their decision on the fees or charged them other ways; however, according to the Credit Union National Association (NCUA), credit unions across the country enrolled over 400,000 new members and gained about $4.5 billion in deposits. The NCUA, the government agency that charters and regulates federal credit unions, maintains a consumer website, MyCreditUnion. gov, that provides a wealth of information and can help you "Find a Credit Union" in your area. — "O *NQSPWFE 7R ÀQG RXW PRUH DERXW +$53 or one of Republic Bank's many other great programs like Quick DQG 6LPSOH +RPH 5HÀQDQFH VWRS by one of their many local branches, call them at (888) 584-3600 or visit republicbank.com.

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