WASHINGTON — An interesting conversation about how credit unions can or can not help members resolve ongoing mortgage problems seems to put CUs on the side of more regulatory guidance and NCUA in favor of greater regulatory flexibility.
At issue are the different strategies and procedures credit unions might put into place to help their members escape from subprime loans. Even though few CU have made the sorts of subprime loans that have been implicated in the continuing mortgage crisis, they are still in the position of trying to help members restructure or refinance loans made by other financial institutions or finance companies.
To help facilitate this sort of help, NCUA joined with other financial regulators to adopt the Joint Statement on Subprime Mortgage Lending in July 2007. CUNA notes that the statement encourages financial institutions to offer their customers and members "workout arrangements" on their loans.
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