All credit unions that originate mortgages should have at least a procedure in place for what do when some or most of those mortgage borrowers get into trouble with their loans.
That is the message from two mortgage executives whose credit union is situated in the heart of one of the states hardest hit by the housing crisis.
"Before 2007, we had never had a foreclosure, or even a meaningful mortgage delinquency," said John Bretthauer, chief lending officer for the $1 billion California Credit Union. "We didn't have a loan-loss mitigation program because we really didn't need one," he added. "It had never come up."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
