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News Now

Washington
CUNA continues work to target cramdowns
WASHINGTON (3/16/09)—The Credit Union National Association (CUNA) continues to work with key senators to modify House-passed changes to bankruptcy laws that would allow courts to force changes in terms of existing loans. Most recently, CUNA President/CEO Dan Mica has met with Sen. Richard Durbin (D-Ill.) to work toward narrowing the legislation. Durbin is Senate Majority Whip and a primary force behind the Senate effort to address the burgeoning problem of mortgage foreclosures through bankruptcy laws. CUNA has made it clear that credit unions acknowledge bankruptcy as a legitimate option for eligible borrowers who have no other way to address their indebtedness. However, CUNA opposed the House bill, H.R. 1106, as overly broad in its application, scope, and duration as it applies to all mortgage loans. CUNA maintains that it unfairly groups loans made with strong underwriting standards – such as those made by credit unions -- with a loan made in an unscrupulous manner. CUNA has also been working with Sen. Evan Bayh (D-Ind.) to more closely target the range of homeowners who could qualify for mortgage rewrites, or “cramdowns.” CUNA’s Mica noted Friday, "We have been opposed to wide-ranging cramdowns, we are opposed, but we have always said that we would be willing to find common ground."


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