GRAND RAPIDS, Mich. — Under a new Save the Dream law signed last week by Governor Jennifer Granholm, Michigan credit unions can now provide specialized mortgage refinance products to help ease the state's foreclosure crisis.
Enabling authority was given to approved banks and CUs to offer a program advanced by the Michigan State Housing and Development Authority, said the Michigan Credit Union League.
David Adams, presi-dent/CEO, said the new refinancing products are another positive step in credit unions' continuing efforts to work with federal and state programs that can help Michigan homeowners.
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"Credit unions have not been a contributor to the current housing and mortgage crisis but have been working closely in coalition with the Michigan Bankers Association and MSHDA, as well as federal initiatives, to find solutions," Adams said. "These new MSHDA programs are an example of how the credit union partnership with state agencies is helping provide consumers with more choices when facing potential foreclosure."
Michigan documented the nation's third highest state foreclosure in 2007, with 1.9% of its households entering some stage of foreclosure during the year. A total of 136,205 foreclosure filings on 87,210 properties were reported in the state during the year, a 68% increase in total filings in 2006.
Granholm emphasized the necessity for state government and financial institutions to develop helpful programs for Michigan residents who could potentially lose their homes in the current housing and mortgage crisis.
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