The ongoing tangle that has become the foreclosure process in many parts of the country moved in two directions last week, each of which could impact credit unions.
On the one hand, credit union mortgage analysts were encouraged that a nationwide foreclosure moratorium appeared to move off the agenda after the White House made it clear the Obama administration would not support one. Further, Bank of America and other large banks also announced that they had finished their initial review of their foreclosure processes and were ready to start them again.
This signaled that foreclosures would continue, and both analysts and economists have said that will help the overall housing market to recover, benefiting credit unions as mortgage lenders.
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