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News Now

CU System
Grassroots helps Maine CUs prevail on foreclosure bill
WESTPORT, Maine (3/5/12)--The Maine House of Representatives voted 90-54 Ought To Pass on a foreclosure bill that included an amendment presented by the Maine Credit Union League.

The bill would require the entity foreclosing on a home to show proof that it owns the mortgage note, preventing potential fraud against homeowners.

The league provided talking points for credit unions to communicate to legislators and said it received a strong support from state credit unions (Weekly Update March 2)

The amendment provides consumer protection if original documentation cannot be produced, but does not harm credit unions, the league said. Also, the foreclosure process will not be delayed and credit unions will not be prevented from foreclosing if they are the legitimate owner of the note.

"Once again, credit unions demonstrated that credit unions are owned by the people that use their services," said Maine league President John Murphy. "It was a great opportunity to highlight credit unions in a positive way with legislators."


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