HomeRetain is a part of the Federal Home Loan Bank of Indianapolis’ (FHLBI’s) community investment program, a source of wholesale funds for member institutions involved in housing or community economic development activities that benefit low- and moderate-income families or neighborhoods.
Through HomeRetain, FHLBI will make available funding to its member financial institutions at the FHLBI’s cost of funds, plus a small administrative markup. The financial institutions can then use those funds to help homeowners at risk of foreclosure to refinance their homes or modify their mortgages on more favorable terms.
Milton Miller, president and CEO of the FHLBI, said: The increase in home foreclosures and mortgage delinquencies is having a significant effect on many households and neighborhoods. Everyone loses when there’s a foreclosure – the homeowner, the lender, the community. We anticipate that HomeRetain can help resolve some of these situations without foreclosure.
