Exception to the Maturity Limit on Second Mortgages
Abstract:On June 24, 2009, the NCUA published an interim final rule amending its lending rules to create a limited exception to the 20-year
maturity limit on second mortgage loans. The amendment will permit Federal credit unions participating in the Department of the Treasury’s Making Home Affordable Program to modify a second mortgage loan, beyond 20 years, to match the term of a modified first mortgage loan. This rule confirms those amendments as final without change.
Effective Date: December 24, 2009
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