Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
MCUA studying subprime impact on Missourians
ST. LOUIS (5/23/08)--Missourians, like consumers across the country, are being hit hard by the subprime mortgage crisis--and it isn’t just those losing homes to foreclosure who are hurting. The Missouri Credit Union Association (MCUA) is examining the trends and possible solutions for everyone affected. MCUA commissioned a study on how the subprime mortgage crisis has affected Missourians from Nancy Pierce, Ph.D., of the Tipton Research Group and Robert Weagley, Ph.D., chair of the Personal Financial Planning Department at the University of Missouri-Columbia. The study analyzes the mortgage activity 114 counties and St. Louis. Its report will suggest possible responses by lawmakers, credit unions, and consumers Missouri is listed by the Center for Responsible Lending as one of 24 states projected to lose more than $1 billion in home values from foreclosure. An estimated 17,000 homes would be lost to foreclosure. In turn, this affects another 738,000 homeowners whose property values would decline. The overall declines could impact tax revenues for many communities already financially strapped due to the economic downturn, said MCUA in a press release. According to Realtytrac, Missouri’s foreclosure rate at the end of 2007 was up 91.4% from year-end 2006, and its mortgage delinquency rate is above the national average. Missouri ranked fifth in the nation in its mortgage delinquency rate. Because of this, Missouri foreclosures could increase in the last half of 2008. The MCUA study results include counties and demographics most affected by the mortgage crisis, and predictions for the future. MCUA will release the final study results in early July, and provide suggested responses to help lawmakers, homeowners, credit unions, and communities take action. For more information on the study contact Peggy Nalls, senior vice president/public and legislative affairs, at pnalls@mcua.org or 573-636-1010.
Other Resources

RSS print
News Now LiveWire
3 Atlanta fed judges recuse themselves from Home Depot data breach suits via @AtlBizChron http://t.co/lfPgOXZ7sO
9 hours ago
How may falling gas prices impact the U.S. economy? Find out tomorrow in #NewsNow #Market http://t.co/Q9ec9DGLDN
10 hours ago
News of the comp. for tomorrow: Big bank unveils plans for massive $6.5 billion new headquarters #NewsNow #Market
11 hours ago
Consumer confidence surges to 7-year high #NewsNow #Market http://t.co/fMEENGuWPi
12 hours ago
Charlotte Cash, CEO of @COFCU , is engaging members by producing videos on various subject of financial interest to members.
13 hours ago