ARLINGTON, Va. – Although a number of different players are calling for a variety of reforms related to the troubled mortgage market, NAFCU is predicting no legislation is likely to move as there remains no clear consensus on what has caused and what to do about the issue. Although credit unions largely avoided making the types of mortgages that have come under fire, NAFCU said it is keeping a close watch on such initiatives as they may have unintended, trickle-down consequences for credit unions. Of particular note: the call for mortgage reform could be used by some groups as a leaping-off point for tearing down some of the bankruptcy reforms credit unions worked hard to push through Congress several years ago.
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