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CU CEO tells Sacramento what to expect in 2008
SACRAMENTO (1/9/08)--Lenders should be doing everything they can to help their borrowers in today’s economy, a California credit union CEO recently told the Sacramento Bee. Carol Hauck, president/CEO of First U.S. Community CU in Sacramento, said that traditional solutions may not be enough to ward off foreclosures amidst the real estate slowdown. Hauck was interviewed for a Jan. 6 article about what consumers can expect in 2008. Hauck was interviewed for the financial institutions section. Housing values continue to drop, which makes financing challenging for financial institutions, she told the newspaper. Foreclosures and losses will mount, and there may not be enough capital available for new financing. Refinancing to pay other debts has slowed because many borrowers do not have enough equity. Homeowners who financed at the top of the market may also owe more than the value of their homes, she noted. To solve these problems, traditional solutions may not be enough and new ideas are needed to help both borrowers and their financial institutions, Hauck said.
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