TEMPE, Ariz. — Even without real estate loans at risk, creditunions ought to possess a thorough understanding of what'scontained in portfolios as they gird for higher delinquencies andforeclosures, NCUA's top Western states regulator saidThursday.

“All credit unions need to be prepared to talk to their members,their front line tellers, board members and the press about theproducts they provide,” said Melinda Love, NCUA's Region Fivedirector.

In an interview, Love said the “cascading events” in themortgage markets of recent days have created new urgency requiringCU managers “know if they have sub-prime, Alt A, or nontraditionalmortgages on the books and for their HELOC programs they need toknow what the first mortgage looks like.”