CHARLOTTESVILLE, Va. — Amidst the mortgage turmoil, credit unions and their CUSOs continued again last week to rev up e-mail and letter campaigns to calm jittery members by pushing re-fi products and counseling services for those hardest hit by housing troubles.
In Virginia, Member Options LLC, the only CUSO endorsed by the Virginia Credit Union League and headquartered here, said it had begun communicating with CUs in Maryland, Virginia and the District of Columbia assuring them it would stay on top of developments while also encouraging CUs to become "pro-active" on re-fi products and education/counseling services.
"The current problem in the mortgage industry will continue to have far-reaching effects for some time," warned Member Options noting that member alarm is already evident as local "lenders who offered high risk products are closing their doors or teetering on bankruptcy."
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