JEFFERSON CITY, Mo. — Taking heed of what it calls the state's "far-reaching foreclosure crisis," the Missouri Credit Union Association said Thursday it will be holding a series of statewide meetings starting next Tuesday on a newly commissioned "white paper" giving CU guidance on how to deal with the crisis impact.
Heading up the "white paper" is former CUNA Chairman Nancy Pierce, a Kansas City consultant and head of Tower Research Group, assisted by Robert Weagley, a finance professor at the University of Missouri, Columbia and chair of its personal financial planning department.
In an e-mail letter to members, the MCUA noted that the subprime mortgage crisis "is hitting Missouri hard" with the number of foreclosures increasing an alarming 176.74% over a two year period ending in 2007.
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"Your credit union members are feeling the effects," said the MCUA stressing, however, that "credit unions are not the cause of the problem they can be part of the solution."
A spokeswoman noted that the "trickle down effect" on CU consumer loans of its members remains a paramount issue as foreclosures skyrocket. The statewide meetings at which 'white paper'findings will be reviewed start in St. Louis and continue in Springfield and Kansas City.
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