HAMPDEN, Maine — The nation's mortgage meltdown is triggering a call to action among credit unions with mortgage specialties.
For starters, the leadership of the American Credit Union Mortgage Association with a membership composed of 265 CUs and CUSOs with mortgage operations plus vendors, said it has been working for months to devise CU-driven solutions to ease the plight of members facing crushing interest costs on subprime ARMs.
The initial endeavors may seem modest at the start but eventually ACUMA joined by other groups hopes to be out-front to help members, perhaps through national or local hotlines, funding platforms or a CUSO linkage, officials said.
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