PLYMOUTH, Mich. — The Michigan Credit Union League said Wednesday its special "Mortgage Crisis Summit" and webinar Jan. 10 will focus public attention on the role CUs are and will be playing in the mounting foreclosure problem impacting the state.
"The purpose of the summit is to initiate dialogue on what the league and credit unions can do to assist consumers," said a statement by MCUL President/CEO David Adams.
Participants in the "Summit" to be held in league offices include CEOs, mortgage professionals and CUSO leaders.
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MCUL said it already has identified several areas in which industry "could be a catalyst for positive change" including a mortgage hotline, credit counseling, consumer finance education and public/private partnerships.
"Michigan credit unions are well positioned to make a difference in the lives of their members and consumers facing foreclosure," Adams said. "Not only is it the right thing to do and consistent with the credit union philosophy, it further demonstrates to policymakers the credit union difference in action and fits perfectly with the League's Community Reinvestment Initiative ."
According to RealtyTrac, Inc., Michigan had the sixth-highest foreclosure rate in the country in October with 13,415 filings or one out of every 334 households.
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