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News Now

CU System
Mortgage study attracts legislators media
ST. LOUIS, Mo. (7/22/08)--Fifty credit union representatives, legislators, consumers and the media learned about the mortgage crisis at a series of statewide meetings held by the Missouri Credit Union Association.
From left: Suzie Sifuentes, Burlington Northtown Community CU; State Rep. Jerry Nolte (R-33); and Dr. Nancy Pierce discuss the subprime mortgage situation in Kansas City. (Photos provided by the Missouri Credit Union Association)
Judy Hadsall, CU Community CU CEO, was interviewed by KSMU reporter Benjamin Fry in Springfield one of several statewide meetings hosted by the Missouri Credit Union Association.
The meetings, held July 8, 10 and 11 in St. Louis, Springfield and Kansas City, were based on a study the association commissioned, “The Subprime Mortgage Impact on Missouri Consumers” (CourierNet July 16). Dr. Nancy Pierce, study co-author, outlined how the crisis developed and its effect on consumers. “It’s not just the subprime loans that created this situation,” she said. “It’s all the greed that went along with it, including the greed of the homeowners who bought homes they could not afford.” “It’s frustrating as a lender that consumers don’t come looking for help when they get into trouble,” added Judy Hadsall, CU Community CU CEO, Springfield. “It they would come to us sooner, there’s a better opportunity for credit unions to help. It’s just really so sad.” The study suggests that credit unions:
* Provide members and the community with foreclosure avoidance education; * Conduct community presentations on foreclosure avoidance/refinancing; * Participate in the Credit Union National Association Home Loan Payment Relief program; * Include messages in marketing efforts about loan evaluation options and help; and * Develop a credit damage control plan for members facing delinquencies with other loans as a result of mortgage problems.
Lawmakers attending the meetings include: State Reps. Charlie Denison (R-135), Mike Cunningham (R-145), Jerry Nolte (R-33), Jeff Roorda (D-102), Shane Schoeller (R-139), Pat Yaeger (D-96) and Jill Schupp, Democratic District 82 candidate.
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