LAS VEGAS -- American Credit Union Mortgage AssociationPresident Bob Dorsa said he can't shake the feeling that creditunions are at least partly to blame for losses in the mortgageindustry. And, the recent state lawsuits brought againstCountrywide Financial Corp. aren't helping any.
|"It's really resonated in my mind over the past year or so,knowing that we struggle as a credit union system with only 2% to3% market share, and Countrywide may have surpassed that just onthe people we, as an industry, sent to them," Dorsa said.
|The association leader said while Countrywide spent billions ofdollars on marketing, credit unions spent much less and failed tocommunicate why their mortgage programs were better. A moreaggressive industry marketing effort could have spared thousands,even millions of Americans, from foreclosures or bad loans.
|And, a 3% market share means 97% are getting mortgage loanselsewhere, he said, which means the problem won't go away untilcredit unions put their money where their mouths are.
|"The fact that we continue to just stroll along here ispotentially harmful to even more Americans," Dorsa said. "Ourassociation and the people who support us are trying to combatthat, but there are still literally thousands of credit unions thatare comfortable sitting on their hands and not doing anything."
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