PLYMOUTH, Mich. -- Calling public attention to the industry's role in fixing the state's mounting foreclosure problem, the Michigan Credit Union League slated a "Mortgage Crisis Summit" and Webinar last week, inviting leading credit union professionals to voice ideas for tackling the issue.
"The purpose of the summit is to initiate dialogue on what the league and credit unions can do to assist consumers," a statement by MCUL President/CEO David Adams read.
Participants in the summit slated last Thursday in league offices included CEOs, mortgage professionals and CUSO leaders.
MCUL said it already has identified several areas in which the industry "could be a catalyst for positive change" including a mortgage hotline, credit counseling, consumer finance education, and public/private partnerships.
"Michigan credit unions are well positioned to make a difference in the lives of their members and consumers facing foreclosure," Adams said. "Not only is it the right thing to do and consistent with the credit union philosophy, it further demonstrates to policymakers the credit union difference in action and fits perfectly with the league's Community Reinvestment Initiative."
