HomeRetain Marketing Assistance

Community Investment Bulletin
FEDERAL HOME LOAN BANK OF INDIANAPOLIS
HomeRetain Marketing Assistance
Bulletin No. 0804
February 26, 2008

To All Interested Parties:

The Federal Home Loan Bank of Indianapolis (FHLBI), as a follow-up to the announcement of HomeRetain, a $100 million loan modification and refinancing initiative, is providing a sample press release to assist member institutions in promoting the use of this resource to respond to foreclosures in Indiana and Michigan.

Overview

HomeRetain is offered to encourage member institutions to provide mortgage modifications or refinancing to homeowners with incomes at or below 115% of HUD’s area median income. Home Retain provides a discount off regular advance programs, providing funds at FHLBI’s cost of funds plus a small markup to cover administrative costs.

The FHLBI’s district of Michigan and Indiana represents some of the hardest hit areas of the nation for foreclosures and mortgage delinquencies. The economic impact of job losses in the domestic automobile industry, particularly in Michigan, has caused incomes to decrease and home values to plateau or decline. FHLBI member institutions, while typically not engaged in the type of lending precipitating some of the foreclosure crisis in other parts of the country, represent a safe harbor for homeowners in need of stable, fixed-rate home mortgages.

The HomeRetain application and income limits are available at: http://www.fhlbi.com/housing/HomeRetainProg.asp
Please copy and paste the above link into your internet address window. Also available at this location are the training materials used at a January 10, 2008, webinar, including answers to questions posed by members to date.

Additional Information

For additional questions, call MaryBeth Wott, Vice President and Community Investment Officer, at (317) 465-0368, mwott@fhlbi.com , or Marjorie Green, Community Investment Relationship Manager at 517 230-2361, mgreen@fhlbi.com or call 1-800-688-6697.