EAU CLAIRE, Wis. — Determined to address local alarm over the fate of housing and subprime mortgages, the $803 million Royal Credit Union said today that it is planning to roll out a consumer hotline next month "to help us at least determine what the situation is."
"Too much is going on that we as a credit union need to be proactive during this period," said Mark Willer, chief operating officer of Royal.
With details to be worked out on staffing and operation, the hotline, he said, would help narrow "where the problems are so we can develop an educational program to help not all subprime borrowers but those who may have gotten in over their heads chasing rates and now may also face those huge prepayment penalties."
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 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.
