My Credit Union And The Bailout

A week ago the Federal Reserve released some details of who got the bailout money.  Wouldn't you know it, next thing Bernie Sanders wants more information.  Even I got curious enough to find propublica.org where they list all bailout recipients including my credit union, SEFCU.  According to Probublica, $145,056 was made available to SEFCU as part of the federal government's Making Homes Affordable program.  Apparently none of this money has been dispersed.

What is the Making Homes Affordable program?  Their website says--

The Obama Administration’s Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.

This is wonderful news-- my credit union has $145,056 to modify my mortgage to make my payments more affordable.  What's that you say-- I have to qualify.  I knew there was a catch.  Here are the initial qualification questions:

Is your home your primary residence?
Yes.  No condos, timeshares, or vacation homes for us.

Is the amount you owe on your first mortgage equal to or less than $729,750?
Yes.  Not even close.  No McMansions for us.

Are you having trouble paying your mortgage?
Yes.  I'm very troubled when I pay my mortgage.

Did you get your current mortgage before January 1, 2009?
Yes.

Is your payment on your first mortgage (including principal, interest, taxes, insurance and home owner's association dues, if applicable) more than 31% of your current gross income?
Yes.  I think so given the way taxes are going up.  Give me a month to refinance and get some equity out and I know it'll be more than 31%.

That was easy, but I'm still dubious.  I think I'll stop by my local SEFCU branch tomorrow and see if they'll help me out.