Credit Union Times Magazine October-24, 2007

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News Briefs

  • Drivers License as Debit Card?

    While National Payment Card is capable of using an issued card platform for its decoupled cards, the company so far has seen a lot of its growth in getting consumers in the 21 states that put magnetic stripes on their drivers' licenses to turn those licenses into debit cards.

  • News Briefs

    News Briefs 10/24/07

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Marketing

Regulatory/Compliance

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Special Report

  • Treasury and HUD Join Private Sector to Announce Program to Salvage Homeownership

    Treasury Secretary Henry Paulson and Department of Housing and Urban Development Secretary Alphonso Jackson were joined by mortgage market participants Oct. 10 in announcing a new alliance to strengthen efforts for struggling homeowners.

  • America's Credit Unions at the NAR

    The best-kept secret in financial services is also the best-kept secret in mortgage providers: credit unions. But that notion has some chinks in its armor, as ACUMA, the American Credit Union Mortgage Association has been tapping away at realtors' unfamiliarity with CUs as home lenders for several years now by...

  • Mortgage Cycle Remembered at San Diego County CU

    What goes up must come down and bubbles filled with hot air go 'pfffttt' eventually. That expresses the 'been there, seen that before,' philosophy expressed by Scott Norris, SVP of Real Estate at San Diego County Credit Union (www.sdccu.com) here. "I've been around for thirty years and we've been through...

  • Mortgage Workout Not an Easy Path for NIH FCU Member

    Michael David Kerns doesn't fit the expected profile of an American in a mortgage jam, but as the housing crisis in America filters down to middle class homeowners, that profile will undoubtedly change. Kerns is a scientist at the National Institute on Aging at the National Institutes of Health in...

  • Affinity Plus CU Uses Freddie Mac Securitization Swaps

    Adding another arrow to its quiver of real estate options, Brad Volkmann, director of real estate for Affinity Plus CU here related how the CU traded a $17 million portfolio of loans for a security of those loans created by Freddie Mac.

  • BECU Offers Paperless Mortgage Story At MBA Conference

    The guest speakers at the Mortgage Bankers of America's 94th Annual Convention and Expo here Oct. 14-17 had that "Who's Who" cache, with Richard Branson (Virgin Airlines) Bono (U2), Doris Kearns Goodwin (Pulitzer Prize-winning historian/author) and George Foreman (heavyweight boxing champion) on tap. A panel presentation on Oct.16 also featured...

  • BECU Offers Paperless Mortgage Story At MBA Conference

    The guest speakers at the Mortgage Bankers of America's 94th Annual Convention and Expo here Oct. 14-17 had that "Who's Who" cache, with Richard Branson (Virgin Airlines) Bono (U2), Doris Kearns Goodwin (Pulitzer Prize-winning historian/author) and George Foreman (heavyweight boxing champion) on tap. A panel presentation on Oct.16 also featured...

  • Affordable Housing Fund Passes House

    The full House last Wednesday approved the National Affordable Housing Trust Fund Act of 2007 (H.R. 2895).

  • Recession Watch is Now On; Hampel Sees 40% Chance

    The latest Housing Starts report, showing a drop of 10% for the month in the building of new homes has raised the red flag of recession. The annual level is now 1.19 million, compared to a 1.33 million rate in August, down nearly 31% from a year-ago, making it the...

  • A CU Mortgage by Any Other Name

    Unitus Community Credit Union Mortgage Lending Manager Dawn McCarn reports that delinquencies there are very low at less than .10% and just four loans were even late in October.

Briefs

Opinions

  • Exploring the New Frontier of Mortgage Lending

    Fifty years ago, the former Soviet Union launched Sputnik, the world's first artificial satellite. Few people at that time could envision the role that man-made satellites would play in the development of the modern world. But since then, things have changed dramatically. Today our planet is surrounded by thousands of...

Statistics

Letters to the editor

  • More CU Trade Associations Needed, Not Fewer: Too Many CUs Already Disenfranchised

    In his October 10 Credit Union Times opinion essay, former CUNA Chairman Yuri Valdov contends that dropping his credit union's membership in NAFCU, thereby enabling CUNA to be the sole national voice for credit unions, will somehow cure all of the industry's ills. He couldn't be more wrong. Credit unions...

  • Overdraft Protection: Can We Be Trusted?

    Extraordinary rendition and credit union "Courtesy Overdraft" programs have two things in common. First, it takes some pretty tortured logic to justify both practices; and, one usually shouldn't place too much confidence in "testimonials" resulting from twisted arms or from twisted consciences.

Opinion

  • Employees Still Face Retirement Savings Shortfall

    There seemed to be some good news reported recently on employee participation in 401(k) plans. A new study from the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI) indicated the average participant balance increased from $67,760 in 1999 to $121,202 at year-end 2006. Could it be employees...

Publisher's Column

  • A Week of Smart Moves and Good Public Relations

    Some weeks credit unions and credit union organizations just get it right in the public relations realm--last week was one of them. There were a number of great examples of good PR moves that go a long way in boosting the image of all credit unions.

People

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