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News Now

CU System
Mich. CUs to offer states mortgage refinancing program
NORTHVILLE TOWNSHIP, Mich. (4/2/08)--Michigan Gov. Jennifer Granholm today will sign into law a package of bills that would allow a state agency to provide mortgage refinancing products to homeowners via credit unions and other financial institutions. Granholm will sign the act this morning in Grand Rapids, then travel to Jackson and Detroit for ceremonial signings. She will be accompanied on the media tour by Michigan Credit Union League President/CEO David Adams. Approved credit unions and other financial institutions will be able to offer the Michigan State Housing and Development Authority (MSHDA) programs to their members under the "Save the Dream" package of bills passed recently by the state legislature. About 70 Michigan credit unions currently can offer the new MSHDA products. More can become approved lenders, said Adams, who said the new refinancing products are another positive step in credit unions' efforts to work with federal and state programs to help Michigan homeowners. "Credit unions have not been a contributor to the current housing and mortgage crisis but have been working closely in coalition with the Michigan Bankers Association and MSHDA, as well as federal initiatives, to find solutions," Adams said. "These new MSHDA programs are an example of how the credit union partnership with state agencies is helping provide consumers with more choices when facing potential foreclosure," he added. Michigan has the nation's third-highest state foreclosures during 2007, with 1.9% of its households entering some stage of foreclosure. Roughly 136,205 foreclosure filings on 87,210 properties were reported in the state during the year, a 68% increase in total filings from 2006. Granholm emphasized the necessity for state government and financial institutions to develop helpful programs for Michigan residents. "These initiatives will protect families from losing their homes and work to stabilize Michigan's housing market," the governor said. "We appreciate the leadership and partnership of the credit union lenders on this landmark legislation."
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