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News Now

CU System
Maine CEO notes foreclosure issues for governor
PORTLAND, Maine (1/24/11)--The Maine Credit Union League applauded a credit union CEO for telling Gov. Paul Lepage's administration about the impact that foreclosure regulation is having on credit unions. Rhonda Taylor, president/CEO of the Maine Highlands FCU, a $77 million asset credit union based in Dexter, highlighted the issue during the governor's Red Tape Removal Audit held in Dover-Foxcroft. The governor's representative at the meeting was George Gervais of the Department of Economic and Community Development, said the league's newsletter, Weekly Update (Jan. 21). Taylor spoke about the state's new mediation process that extends foreclosures for consumers by at least two months. She said consumers can live in their homes for 12 to 14 months without making payments, during which time some destroy the buildings. "I have pictures that I can show you that would blow your mind," Taylor told Gervais. "One property that was taken back recently had four windows left because the consumers had taken the others, plus the doors and the furnace." Some consumers never need mediation, yet the lending facility must mediation fees, which cannot be recouped, and those costs must be passed on to other consumers, she said. League President John Murphy applauded Taylor for highlighting the issue at the event. "We raised the same issue during each of our regional Breakfast with Legislators events in December so awareness of this issue is building," he said, adding, "We will continue to discuss solutions with legislators and other officials."


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