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Commentary

Foreclosures Continue to Put CUs at Risk

In the largest multistate agreement since the tobacco settlement of 1998, the Obama administration, along with 49 state attorney generals, announced a $25 billion settlement with five of the nations largest banks. In addition to instances of wrongful foreclosure and fraud, the governments investigations found that banks routinely violated the...

In the largest multistate agreement since the tobacco settlement of 1998, the Obama administration, along with 49 state attorney generals, announced a $25 billion settlement with five of the nation’s largest banks. In addition to instances of wrongful foreclosure and fraud, the government’s investigations found that banks routinely violated the law through improper practices, signing foreclosure documents without a notary or without knowledge that the documents were factual. 

What implications does this landmark case have for credit unions? It’s true this settlement involved large banks and not credit unions. However, the conditions precipitating these events have yet to improve.

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Tonya Knudesn

 

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