No Mortgage Backlash at CDCUs, says Federation; Conference Call Set
NEW YORK CITY -- The National Federation of Community Development Credit Unions wants everyone to know that "not all financial institutions are feeling the squeeze" of the credit markets spurred by write-offs of mortgage-backed securities.
While some of the country's major financial institutions are predicted to suffer up to $300 billion in total write-offs over the next two years, there are many responsible lenders throughout the country, such as community development credit unions and other community development financial institutions, that are not experiencing the same backlash seen throughout the mainstream subprime markets.
"Many of these financial institutions are in fact uniquely positioned to help consumers through this crisis and bring stability to millions of families across the country," according to the federation, which has scheduled a special conference call on Dec. 11, 2007 at 2:00 pm EST to address the specific issues with which community development institutions participating in direct lending are dealing.
Presenting credit unions include Community Trust CU of Modesto, Calif., Faith Community United CU of Cleveland, Ohio, Self-Help CU of Durham, N.C., The United FCU of Morgantown, W.V., and O.U.R. FCU of Eugene, Ore.
To attend the call, RSVP to Daniel Apfel, Program Associate at firstname.lastname@example.org, or at (212) 809-1850, ext. 220.