SEATTLE — An informal, but high profile think tank of credit unions and trade organizations will meet here Oct. 16 to discuss, among other things, the best way set up an CU industry-controlled secondary mortgage market.
Dan Green, executive vice president of strategy at mortgage CUSO Prime Alliance Solutions is the author of a white paper on the subject prepared for the CU Housing Roundtable's annual meeting. The group is headed by Prime Alliance, the company's majority owner $8.5 billion Boeing Employees Credit Union and Callahan and Associates and is supported by CUNA Mutual and a several billion-dollar credit unions that span from Florida to Alaska.
Green said his paper includes several possible strategies, from formalizing mortgage participation programs within existing participation loan networks to a plan to securitize pools of credit union mortgages. It's likely the industry will end up with a combination of a few ideas, he said, with initial programs rolling out as soon as second-quarter 2009.
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