Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Michigan Senates altered foreclosure bills good for CUs
LANSING, Mich. (4/1/09)--A Michigan State Senate panel has presented three foreclosure prevention bills that removed a provision that allowed consumers or borrowers trying to rework their mortgage to take their case to court if a lender wasn’t cooperating with loan modification. The provision was controversial and its removal is a positive development for credit unions, according to the Michigan Credit Union League (MCUL) (Michigan Monitor March 30). The reworked versions of House Bills 4453, 4454 and 4455 addressed a concern of the Michigan financial services industry that governmental officials could be left to decide whether a lender has cooperated with loan modification, the league said. “The Senate panel’s decision came down to a party-line, 4-3 vote,” MCUL Executive Vice President Patrick La Pine told the Monitor. “Democrats were strongly opposed to stripping the provision that would allow borrowers to take foreclosure proceedings to court if a lender would not modify the mortgage. “Ultimately, it's good for credit unions and other responsible lenders that this was removed from the language, but hopefully the legislation will continue to move forward so its other provisions can assist Michigan homeowners as soon as possible,” he added. State Sen. Randy Richardville (R-Monroe), who chairs the Senate Banking and Financial Services Committee, described the bills as a “compromise” and said that although the bills remained a “work in progress,” he expects the Senate to act quickly on the package. MCUL said it will continue to update credit unions as the foreclosure package moves through the state legislature.
Other Resources

RSS print
News Now LiveWire
Bill directing banking agencies to study appropriate capital requirmnts for mrtg servicing assets for nonsystemic banks clears committee1of2
52 seconds ago
The .@FinancialCmte passed #HR4042 and #HR5148 this morning. Both are reg. relief bills and have the strong support of @CUNA
2 minutes ago
FHFA today announced it's extending comment deadline for guarantee fees Fannie, Freddie charge lenders to Sept. 8.
16 hours ago
The 2014 @CUwomen Forum was held in Gold Coast, Australia yesterday during @WOCCU 's World CU Conference.
19 hours ago
.@CFPB obtains $92M in debt relief from Colfax Capital Corp. http://t.co/QPZAeCAcy2 See also: http://t.co/Kjf4HHkINW
20 hours ago