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Mortgage crisis has silver lining for CUs says MCUL
PLYMOUTH, Mich. (1/15/08)--The mortgage foreclosure crisis has a “silver lining for credit unions,” said Michigan Credit Union League (MCUL) President/CEO David Adams during the MCUL Mortgage Crisis Summit Thursday.
Michigan Credit Union League (MCUL) President/CEO David Adams welcomes 40 on-site and 100 remote-access participants to the MCUL Mortgage Crisis Summit Thursday. (Photo provided by the Michigan Credit Union League)
Adams discussed the impact of foreclosures on the state’s economy and on credit unions to 140 participants (Michigan Monitor Jan. 14). But the crisis is also an opportunity for credit unions, he said. “When the going gets tough, credit unions become more relevant,” Adams said. He also cited the state’s history of success in dealing with economic crises, and said he is confident that the state’s residents and leaders will be able to conquer the foreclosure challenge. During the summit, MCUL Executive Vice President Patrick La Pine provided an overview of the response by Washington D.C. and Lansing, Mich. to the crisis. The league and the Credit Union National Association are working to ensure that mortgage relief legislation approved by the state legislature or by Congress will not harm credit unions, he said. Adams also discussed several credit union industry responses to the crisis, including the Home Saver Loan Program, which would make $1.5 billion available to assist consumers facing foreclosure. The mortgage crisis emphasizes the need for financial institution regulatory relief through safe and appropriate relaxation of regulation requirements to reduce the costs associated with loan defaults and foreclosures, he said. The summit was a “very helpful starting point” for credit unions to help those facing foreclosures, Adams said. “This is the time for credit unions to think outside of the box while remaining true to their principles,” he added. A video clip of the summit is available on the MCUL’s website.
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