Wednesday, May 7, 2008

Mich. lawmakers tout CUs' work on mortgage crisis

NORTHVILLE TOWNSHIP, Mich. (5/7/08)--Michigan lawmakers attending a chapter breakfast were complimentary of credit unions' efforts in finding solutions to a mortgage crisis they didn't cause.

Michigan State Rep. Matthew Gillard (D-Alpena) addressed 50 credit union attendees at the Blue Ox Chapter Legislative Breakfast April 25 in Alpena (Michigan Monitor May 5).

He complimented credit unions' efforts to address the foreclosure crisis, saying their efforts to address the foreclosure issue had not gone unnoticed and were appreciated.

In addition to Gillard, the event drew State Rep. Joel Sheltrown (D-West Branch) and staffers from the offices of U.S. Rep. Bart Stupak (D-Menominee) and State Sen. Tony Stamas (R-Midland).

According to Alpena Alcona Area CU President/CEO Donald Mills, the lawmakers heard that "the credit union industry was not responsible for the present mortgage crisis that is crippling American families and our overall economy, and that credit unions will be a vital part of the solution to this problem."

He added, "This crisis was created by lenders who don't operate by the credit union philosophy of trustworthy, personal service."

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