LAS VEGAS -- American Credit Union Mortgage Association President Bob Dorsa said he can't shake the feeling that credit unions are at least partly to blame for losses in the mortgage industry. And, the recent state lawsuits brought against Countrywide Financial Corp. aren't helping any.

"It's really resonated in my mind over the past year or so, knowing that we struggle as a credit union system with only 2% to 3% market share, and Countrywide may have surpassed that just on the people we, as an industry, sent to them," Dorsa said.

The association leader said while Countrywide spent billions of dollars on marketing, credit unions spent much less and failed to communicate why their mortgage programs were better. A more aggressive industry marketing effort could have spared thousands, even millions of Americans, from foreclosures or bad loans.

And, a 3% market share means 97% are getting mortgage loans elsewhere, he said, which means the problem won't go away until credit unions put their money where their mouths are.

"The fact that we continue to just stroll along here is potentially harmful to even more Americans," Dorsa said. "Our association and the people who support us are trying to combat that, but there are still literally thousands of credit unions that are comfortable sitting on their hands and not doing anything."

--handerson@cutimes.com

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Dorsa Urges Credit Unions to Step Up Mortgage Marketing

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