MATCUMarine Air Traffic Control Unit
MATCUMemphis Area Teacher's Credit Union
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MATCU wound up foreclosing on the properties after it refinanced mortgages from other institutions without sufficiently underwriting the refinances, according to Weick-enand, who took on the CEO job in August.
The Home Run idea arose because the CEO was bothered by the way MATCU had been dealing with the REO properties when he came on board.
Under the Home Run program, MATCU will sell members the REO properties for roughly 70% of their tax assessed value, between 30% and 50% more than it is currently getting, and the program helps the CU manage the properties in the meantime.
MATCU will also bear the responsibility for the homes insurance and tax payments, he added.
In addition, participation in the program will require members to finance the home's purchase with the MATCU, giving the CU interest income on the back end as well, he added.
Weickenand said the goal is to help MATCU members who have likely experienced financial reversals or problems because of the recession to be able to afford a home--not just a marginal home either, but a nice home in either a new subdivision or even one of the Memphis area's more established neighborhoods.
MATCU had a previous relationship with the RISE program through another program, in 2008 to help immigrants and people with bad check histories to better their financial condition and open checking accounts at the CU.