WASHINGTON — Credit unions would be eligible to participate inthe Treasury Department's $700 billion illiquid asset purchaseprogram under the agreement in principle that lawmakers announcedtoday.
Although lobbyists for CUNA and NAFCU emphasized that thedetails could change as the measure moves through Congress, theysaid they were pleased that it looked like credit unions would beallowed to sell their bad assets and that the measure does notinclude a provision to permit judges to restructure mortgages forpeople facing foreclosure.
Congressional leaders said they will try to attach the measureto the continuing resolution which funds the government when thenew fiscal year starts next Wednesday. That is necessary becauselawmakers haven't passed a budget yet.
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