NY CU Rep Testifies On Subprime Lending

BROOKLYN, N.Y. - Robert Nemeroff, director of marketing for Melrose CU in Queens, testified on behalf of the New York State Credit Union League and New York credit unions at a Senate Democratic Conference hearing on subprime lending practices in New York. The hearing was in response to an increasing number of borrowers that took advantage of subprime loans during the recent housing boom and found that as interest rates have risen and property values have decreased, they are unable to afford their mortgages. The problem is predicted to worsen as mortgage rates for subprime borrowers are scheduled to adjust again in October, according to the league. The hearing, scheduled by Sens. Malcolm A. Smith, Velmanette Montgomery, Martin Connor, Jeffrey Klein, Diane Savino and Shirley Huntley, Assembly members Darryl Towns and Annette Robinson, was held at the Bedford Stuyvesant Restoration Corporation in Brooklyn. Nemeroff's testimony provided an overview of what credit unions throughout the state are doing to assist their members that have fallen prey to predatory subprime lenders. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com