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CUNA urges Pelosi delay on cramdowns
WASHINGTON (3/3/09)—Time is needed to analyze the Obama administration’s proposals on mortgage bankruptcy and how they compare with the U.S. Congress’ approach to the issues, and the Credit Union National Association (CUNA) asked the House to delay consideration of its bill. In a letter sent Monday to House Speaker Nancy Pelosi (D-Calif.), CUNA President/CEO Dan Mica wrote, “We respectfully request sufficient time to analyze the President’s proposal and continue to work with proponents of judicial modification.” “Our hope,” Mica added, “is that the President’s proposal with respect to pre-bankruptcy loan modification and the legislative remedy providing for judicial modification can work in concert.” The House bill, which would allow bankruptcy courts to change existing mortgage terms, was postponed for consideration last week. However, it is scheduled to be brought up again in the House this week. In the CUNA letter to Pelosi, Mica noted that credit unions keep nearly three-quarters of all mortgages in portfolio. As a result, credit unions have more flexibility in working with their members, he added. “In fact, in a recent survey of credit union executives, the vast majority of respondents indicated that they are pro-actively offering services aimed at preventing foreclosures including loan payment deferrals, extension of maturities and reduction of interest rates, among other things,” Mica told the leader of the House.


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