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Countrywide Taps Credit; Housing Starts Down

By Staff Writer

WASHINGTON, D.C. -- Countrywide Financial, the nation's largest mortgage lender and a major partner in the credit union mortgage arena, has tapped its $11.5 billion credit limit to ensure its funding liquidity. The $11.5 billion is provided by 40 of the world's largest banks. Housing starts have dropped back to...

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Countrywide Taps Credit; Housing Starts Down

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August 15, 2007

August Flash Survey Finds NAFCU Members Wouldn't Use Private Insurance

ARLINGTON, Va. -- NAFCU has surveyed its members and, not surprisingly, found that they strongly oppose private share insurance.

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August 15, 2007

Federal Regulators Issue Subprime Language

WASHINGTON -- In a joint release and submission to the Federal Register the five federal financial regulators issued what they called "illustrations" that are meant to help financial institutions better serve consumers seeking subprime and adjustable rate mortgages.

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August 15, 2007

ACUMA Chairman Joins Call to Aid Mortgage Subprime Victims

HAMPDEN, Maine -- The chairman of the American Credit Union Mortgage Association, John Reed, added his voice Thursday to the call by industry leaders to help find CU solutions to the mortgage crisis whether it be hotlines, funding platforms or CUSO linkage, all aimed at helping subprime victims.

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August 15, 2007

U.S. Central Sees $16.5 Million Loss Due to Spread Widening in CMBS Portfolio

LENEXA, Kansas -- U.S. Central Credit Union informed its members recently about $20 million in investment-related losses appearing on its July 31, 2007 financial statement.

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August 15, 2007

Mica Shares Kid-Friendly Financial Tips in Parents Magazine

NEW YORK -- Elementary school is the optimum time to start teaching kids about money management, CUNA President/CEO Dan Mica advised in an article in the August issue of Parents magazine.

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August 15, 2007

Filene Taps 12 New Members to i3 Group

MADISON, Wis. -- Twelve new credit union executives have been chosen to replace those members of the i3 group who have fulfilled their three-year term to encourage the development of new ideas and innovations for credit unions.

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August 15, 2007