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News Now

CU System
Michigan summits discuss foreclosure process
PLYMOUTH, Mich. (11/26/08)--The Michigan Credit Union League (MCUL) conducted the first of two Economic Summits with credit unions
Greg Wischmeyer, vice president of lending for Frankenmuth (Mich.) CU, speaks during the Michigan Credit Union League’s Economic Summit.
leaders Nov. 19 at Michigan Credit Union Center. The foreclosure process dominated the discussion. Ideas discussed to make the process more practical for lenders included shortening redemption periods, allowing the lender to obtain titles more quickly for abandoned homes, and adding penalties to help mitigate damage to property during the foreclosure process (Michigan Monitor Nov. 24). George Hofheimer of the Filene Research Institute was present to hear credit union discussion on the issues. The Michigan Credit Union Foundation commissioned the institute to generate a report on the housing crisis in Michigan. The report is expected to be complete in January.
Michigan Credit Union League President/CEO David Adams reviews pressing economic issues with credit union leaders. (Photos provided by the Michigan Credit Union League)
Issues were divided into 10 categories that ran from preserving the credit union tax exemption, capital reform and reducing regulation, to ideas related to student lending, savings incentives, expanded credit union investment authority and key accounting issues. MCUL President/CEO David Adams addressed the group and invited dialogue regarding issues facing credit unions and the economy in general. The topics will be reviewed with a broader credit union audience during the second part of the Economic Summit, to be conducted by webinar Dec 17.


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