CDCUs To Get Subprime MortgageProduct

May 19, 2005, 1:00 a.m. EDT 1 Min Read

NEW YORK - (05/19/05) -- The National Federation of CDCUssaid Wednesday it has signed with CU Partners, a unit of StearnsLending Corp., of Santa Ana, Calif., to offer a subprime mortgageprogram for members with low credit scores. The program, known asCredit Builder, will provide lower rates once a member/borrowerexhibits credit worthiness, rewarding them for good behavior. CUPartners, formerly known as First Pacific Financial, partners with35 credit unions on mortgage lending.

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