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CU System
North Carolina program prevents 2000 foreclosures
RALEIGH, N.C. (10/12/09)--State Employees’ CU (SECU) is part of a State Home Foreclosure Prevention Project in North Carolina that has helped more than 2,000 homeowners avoid foreclosure. The project in which the $16.7 billion asset, Raleigh, N.C.-based credit union participates, has been in operation for 10 months (Citizen-Times.com Oct. 8). The project has helped prevent 2,040 foreclosures in North Carolina and also has provided foreclosure prevention and budgeting advice to more than 6,000 homeowners, the newspaper said. Avoiding foreclosures on these homes has prevented $175 million in declines in neighboring property values and financial system losses, according to the North Carolina Office of the Commissioner of Banks, the paper said. North Carolina foreclosure filings are up 10.6% this year due to the economic downturn and job losses, the paper said.
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