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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"If you look at the folks involved, absolutely, we've got people who are very active and passionate about credit union mortgage lending who want to see these things happen," he said.
The group will make sure credit unions of all sizes can participate, he added.
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