The National Federation of Community Development Credit Unions (Federation) has recently completed a new “Credit Union Foreclosure Intervention Toolkit” to help credit unions combat the foreclosure crisis in their communities. Among other activities, the Federation has also been holding “train-the-trainer” workshops about the toolkit to credit unions and state credit union leagues on the front lines of the foreclosure crisis.
Created with support from a National Credit Union Foundation (NCUF) Financial Education Grant, the purpose of the Federation’s initiative is to increase credit unions capacity to empower home ownership through their “Credit Union Foreclosure Intervention Toolkit” and other resources such as workshops, collaborations with housing counseling intermediaries, and webinars.
“With record rates of foreclosures projected through the year 2014, millions of at-risk homeowners need to take action early in the process to achieve the best possible outcomes,” said Christopher Morris, NCUF’s Director of Communications. “Unfortunately, many of these homeowners are paralyzed by fear, distrustful of the financial institutions that provided their mortgage loans, and uncertain where to turn for help. Credit unions are the one type of financial institution that has retained a position of trust for more than 90 million members. The Federation is providing key messages and informational tools to credit unions so their members can take action before it’s too late.”
“The Federation is the only national association dedicated to supporting credit unions operating in low- and moderate-income communities across the nation,” said Federation President/CEO Cliff Rosenthal. “In our more than 37 years of operation, we have developed expertise unique in the credit union movement with respect to serving the underserved, and with continued foreclosures affecting millions of Americans, we are working to arm our credit unions with the knowledge and resources they need to help their members through these challenging times.”
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