TEMPE, Ariz. — The mortgage turmoil is giving credit unions fresh reason to give portfolios new scrutiny on what they contain in light of the prospect for higher delinquencies and foreclosures, NCUA's top Western states regulator said last week.
"All credit unions need to be prepared to talk to their members, their front line tellers, board members and the press about the products they provide," said Melinda Love, NCUA's region five director.
Love said the "cascading events" in the mortgage markets of the last month have created new urgency requiring CU managers "know if they have subprime, Alt A, or nontraditional mortgages on the books and for their HELOC programs they need to know what the first mortgage looks like."
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