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CU System
Michigan CUs support hardest-hit fund
PLYMOUTH, Mich. (7/28/10)--Michigan credit unions continue to support the Help for the Hardest Hit program, a $154 million state program launched by the Michigan State Housing Development Authority (MSHDA) that aims to help eligible homeowners avoid foreclosure, according to the Michigan Credit Union League (MCUL). Of the participants signed up for the program, nine are individual credit unions. Others include Mortgage Center, a credit union service organization, and Member First Mortgage, a credit union-owned mortgage company that represents 89 credit unions. About 24 participants on the lender list are banks. More lenders are added every day to the list, according to Mary Townley, MSHDA director of homeownership (Michigan Monitor July 26). “We appreciate the high level of participation by credit unions so far and their outreach to members,” Townley said. She added that MSHDA has been in touch with several credit unions that are proactively evaluating mortgages they identify as showing signs of delinquency or that have an unemployed member on the loan. “This is a good way to help use get these funds out to homeowners quickly and start saving homes,” she said. Credit unions can sign up for training offered by MSHDA. MCUL is encouraging MSHDA for more information or to discuss individual cases, said the Michigan Credit Union League. For more information, use the link.
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