Bush Administration Eyes CU Role InHomeownership Plans

TAMPA, Fla. - (10/15/04) -- Housing and Urban DevelopmentSecretary Alphonso Jackson told credit union executives Thursdayhis "new marching orders" from the president are to increasehomeownership above an initial goal of 5.5 million new minorityhomeowners, and noted the key role credit unions have played inachieving the original target. Jackson, speaking to NCUA's AccessAcross America, organized by Chairman JoAnn Johnson, urged creditunions to continue to partner in homeownership efforts. "Althoughcredit unions are not for profit, we realize that they do need tomake a profit in order to be a sustainable enterprise," Jacksontold The Credit Union Journal in an interview. "We are not askingthem to do anything charitable, just what is fair and equitable."Jackson also said credit unions are in a better position than banksto help the nation's low- to moderate-income and minority peoplebecome homeowners. "Credit unions are in the community andunderstand the needs of the community, where banks just don'tanymore."