NAFCU wrote a key senator today saying it opposes the currentversion of a measure to let bankruptcy judges rewrite the terms ofmortgages because it doesn't deal with the impact on PrivateMortgage Insurance contracts and on work-out plans for subordinateliens.
"Without this information, the NAFCU Board of Directors does notbelieve that they can fully and fairly evaluate how thislegislation will impact credit unions. Consequently and veryunfortunately, at this juncture, we cannot 'support and defend,' asyour staff has requested of us," NAFCU President Fred Becker wroteSen. Richard Durbin (D-Illinois).
Becker said they continue to endorse a compromise that wouldonly allow subprime and non-traditional mortgage loans to berewritten.
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