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CU System
SECU testifies on mortgage help to members
RALEIGH, N.C. (2/2/09)--Phil Greer, State Employees’ CU (SECU) senior vice president of loan administration, testified before a North Carolina legislative body about providing mortgage help to members, according to the North Carolina Credit Union League. With the North Carolina General Assembly poised to come back into session, Greer appeared before the Joint Study Committee on Housing, which wrapped up its work with a final meeting on Jan. 26 (Weekly Update Jan. 30). “In today’s economy, helping members has become even more important, as there are some members who are experiencing significant financial difficulties due to income impairment,” Greer told the committee. He shared ways that SECU helps members who have lost their jobs and face foreclosure. SECU meets face-to-face with each member dealing with foreclosure to find a solution, including partial payment options and loan extensions. “We’re prepared to make mortgage-loan adjustments and investigate all opportunities to assist members,” said Greer. "We have long felt that foreclosure is often as much the fault of the lender as it is the borrower,” Greer told the committee. “You would not choose a surgeon who has a high failure rate. We believe consumers should be advised to look at the failure rate, which in this case is the foreclosure rate, of the lender as well.” The committee approved a number of recommendations for proposed legislation during the upcoming session. "Providing support for folks that have lost their jobs and are facing foreclosure will certainly be a focus of the North Carolina General Assembly this session,” said Dan Schline, league senior vice president of association services. “We are pleased that the committee had the opportunity to hear today about the good work that SECU is doing here in North Carolina.” Raleigh, N.C.-based SECU has $16.4 billion in assets.
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