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CU CEO Calls for Funds to Prevent Foreclosures

WASHINGTON - Congress should insist that the Treasury Department invest up to $50 billion into a program to help consumers avoid foreclosures being proposed by the FDIC

By Claude R. Marx | Updated on November 12, 2008

WASHINGTON – Congress should insist that the Treasury Department invest up to $50 billion into a program to help consumers avoid foreclosures being proposed by the FDIC, Martin Eakes, CEO of Self Help Credit Union and the Center for Responsible Lending told the Senate Banking Committee today.

He said that the money, which would come from the $700 billion troubled assets relief program, was needed because “voluntary efforts by lenders and servicers, while admirable won’t fix the problem.”

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