RALEIGH, N.C. — Reaching out to members who may have been victimized by other mortgage lenders State Employees' Credit Union has developed new products to help them refinance and keep their homes, said the CU.

Starting in April as the meltdown was setting in, SECU sent letters to members offering assistance and developed a Mortgage Loan Tool Kit outlining action steps for them to take to protect their home and credit history. Now, the CU says it has begun to see positive changes, as over 200 families in the Tar Heel State have already realized substantial savings by refinancing their subprime loans. According to Leigh Brady, senior vice president, education services, refinanced mortgage balances already exceed $30 million in just three months.

SECU developed a 5-year adjustable rate mortgage with built-in payment stability and so members can budget accurately, allowing them to rebound from financial hardships, eliminating skyrocketing rate increases that usually accompany a subprime mortgage. Another new product is an AllSavers Mortgage, which offers a fixed rate of interest plus an opportunity for members to build for the future of their families via a high yield Share Term Certificate tied to the loan.