NORTHVILLE TOWNSHIP, Mich. — The Michigan Credit Union League is moving once again next month to help its own members and homeowners cope with the state's foreclosure crisis by holding a special MCUL Mortgage Lending Summit here May 3.
The educational event will include presentations by top officials of Michigan housing agencies and league leaders will focus on "the safety and soundness trends being tracked by the agencies" in providing CUs timely information on mortgage lending.
A regulator roundtable, said the league, will highlight trends regarding CU residential mortgage loan portfolios and related lending, "as well as projections for the rest of 2008 and into 2009. Participants will discuss the workout steps that regulatory agencies would encourage or expect credit unions to take, what regulatory flexibility is being considered and how this may impact the examination process."
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Scheduled to speak at the summit are Carol Brito, business development officer of the Michigan State Housing Development Authority, and John Niebieszczanski, chief of field operations for the U.S. Department of Housing and Urban Development.
The summit follows on the heels of state adoption of a new Save the Dream law empowering CUs and banks to provide specialized refinance products under Michigan agencies to dampen the foreclosure spiral. Some 70 Michigan CUs have so far agreed to offer the products, said the league.
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