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."
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Willer, a director of the American Credit Union Mortgage Association, was not alone this week in calling for CU action. David Doss, the president/CEO of Arizona State Credit Union in Glendale, Ariz. and vice chairman of ACUMA, said he supports a broad industry outreach to mortgage holders now in trouble perhaps with a hotline and a finding platform.
Noting the mortgage crisis was on ACUMA agenda at a July board meeting, Doss said a co-operative response needs to go out from industry groups joined by vendors. "We know we can't help those in securitization," said Doss, but this "is an issue that fits our industry very well and I would like to see us moving together."
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