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Credit Unions Shouldn't Worry About Liability In Countrywide Suits, Experts Say

GLENDALE, Calif. -- Credit union attorney Joe Melchione and American Credit Union Mortgage Association President Bob Dorsa both said credit unions that did business with Countrywide Financial Corporation shouldn't worry about recent lawsuits filed by the states of California and Illinois against the nation's largest mortgage lender.

By Heather Anderson | Updated on June 27, 2008

GLENDALE, Calif. — Credit union attorney Joe Melchione and American Credit Union Mortgage Association President Bob Dorsa both said credit unions that did business with Countrywide Financial Corporation shouldn’t worry about recent lawsuits filed by the states of California and Illinois against the nation’s largest mortgage lender.

“I haven’t had a chance to look at the complaint, and I’m not likely to, because I don’t believe many credit unions were involved in the kind of aggressive lending that’s the subject of this litigation,” he said. Melchione is a partner at law firm Styskal, Wiese & Melchione, which counts about 350 credit unions as clients, the majority of which are located in Countrywide’s home state of California.

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