Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Former broker hails CUs for avoiding subprime loans
HARRISBURG, Pa. (5/30/08)--A former mortgage broker praised credit unions for avoiding the subprime loan game at two Pennsylvania Credit Union Association lending council meetings in the state. The former broker, Paul Grabstanowicz, now a training consultant, was conducting training for the meetings on subprime lending solutions, said PCUA (Life is a Highway May 29). Subprime lending was profit-driven, he told the group. In hailing credit unions, he cited a 2004 letter issued by the National Credit Union Administration (NCUA) that warned credit unions about high risk subprime lending activities and said proper care is required in this area. The subprime fallout presents an huge opportunity for credit unions, he said. He urged credit unions to counsel first-time home buyers and offer subprime borrowers safe, conservative products when refinancing members out of subprime adjustable-rate mortgages (ARMs).
Other Resources

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
6 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
7 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
7 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
8 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
9 hours ago