Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Former broker hails CUs for avoiding subprime loans
HARRISBURG, Pa. (5/30/08)--A former mortgage broker praised credit unions for avoiding the subprime loan game at two Pennsylvania Credit Union Association lending council meetings in the state. The former broker, Paul Grabstanowicz, now a training consultant, was conducting training for the meetings on subprime lending solutions, said PCUA (Life is a Highway May 29). Subprime lending was profit-driven, he told the group. In hailing credit unions, he cited a 2004 letter issued by the National Credit Union Administration (NCUA) that warned credit unions about high risk subprime lending activities and said proper care is required in this area. The subprime fallout presents an huge opportunity for credit unions, he said. He urged credit unions to counsel first-time home buyers and offer subprime borrowers safe, conservative products when refinancing members out of subprime adjustable-rate mortgages (ARMs).
Other Resources

RSS print
News Now LiveWire
Static PPI may stall @federalreserve policy movement #Market #NewsNow http://t.co/TylvvD6HEn
58 minutes ago
Former NFL player Merrill Hoge and CNN hero Chad Pregracke will headline @icul 's Iowa #CreditUnion Convention this week.
59 minutes ago
.@MIBizNetwork interviews @MICreditUnions's Adams on state of #creditunions http://t.co/T6ENMSDR09
1 hours ago
.@OhioCreditUnion #creditunions lend their voices to #SavingEliza with #Sing2Lines http://t.co/e9B2rfzCm5
1 hours ago
12,000 cards: That's how many @OneNevada has reissued after #HomeDepotBreach via @reviewjournal http://t.co/8nKE1ZByvM
2 hours ago