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Michigan league addresses foreclosure issue
LANSING, Mich. (12/10/07)--The rapidly rising mortgage foreclosure rate nationwide has significantly impacted Michigan residents, and the Michigan Credit Union League (MCUL) is ready to help state residents overcome the situation. MCUL President/CEO David Adams addressed members of the Michigan House Banking and Financial Services Committee Dec. 4 on how credit unions have avoided contributing to the problem and how they’ve worked to educate consumers. “The committee has heard testimony from a variety of sources on the subject of Michigan’s high foreclosure rate, and we wished to provide input on where credit unions fit into the picture,” Adams said. “Thanks to the strong relationship the MCUL and our members have with these lawmakers, they were very accommodating and were more than willing to hear where we stood in terms of the legislation we would support and what we have done to battle the foreclosure problem as an industry,” he added. During his testimony, Adams summarized the nature of credit unions as not-for-profit financial cooperatives. He then pointed out credit unions’ low delinquency rates compared to financial institutions offering subprime loans, and the programs implemented by many Michigan credit unions to help educate consumers about the dangers of exotic mortgages. Adams concluded by discussing credit unions’ willingness to support legislation that would deter predatory lending while avoiding over-regulation of the marketplace. To view a video clip of Adams’ testimony, use the link.
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