Lending

Reaching out to members who may have been victimized by other mortgage lenders State Employees' Credit Union has developed new products to help them refinance and keep their homes, said the CU.

Member Business Lending, LLC has partnered with two more credit unions bringing its total client roster to 23.

While creating great national unease, the mortgage crisis offers credit unions outstanding opportunities to increase market share as the industry assists beleaguered homeowners, according to a major CU service vendor.

Wescom Credit Union recouped its nearly $1 million investment in ACC Consumer Finance LLC when the company was acquired by CompuCredit at the end of 2006, said Jane Wood, executive vice president, but it has kept the ACC-generated portfolio of subprime auto loans.

Patelco Credit Union decided it had enough and chose to stop digging when it availed itself of the opportunity to sell its subprime auto portfolio and investment in ACC Consumer Finance, LLC of Laguna Niguel, California.

NEW YORK -- Plans underway from the National Federation of Community Development Credit Unions to form a secondary market for so-called nonconforming loans are still on track despite the upheaval in the financial markets, according to Federation Executive Director Clifford Rosenthal.