The New York-based ""National Federation of Community Development Credit Unions"":http://www.natfed.org has completed a new ""Credit Union Foreclosure Intervention Toolkit"" to help credit unions combat the foreclosure crisis in their communities.[IMAGE]
The toolkit was developed with the support of a financial education grant from the ""National Credit Union Foundation"":http://www.ncuf.coop/ (NCUF).
The National Federation of Community Development Credit Unions has been holding ""train-the-trainer"" workshops for credit unions and state credit union leagues on the toolkit.
The purpose of the initiative is to increase credit unions' capacity to empower homeownership through the toolkit and other resources, such as workshops, collaborations with housing counseling intermediaries, and webinars.[COLUMN_BREAK]
""The federation is the only national association dedicated to supporting credit unions operating in low- and moderate-income communities across the nation,"" said Cliff Rosenthal, the organization's president and CEO.
Rosenthal added, ""Ã¢â‚¬Â¦with continued foreclosures affecting millions of Americans, we are working to arm our credit unions with the knowledge and resources they need to help their members through these challenging times.""
The federation says it has seen the national foreclosure crisis reflected in a dramatic shift in demand between different types of counseling services, from pre-purchase to foreclosure intervention counseling.
Prior to the crisis, pre-purchase counseling accounted for more than 75 percent of all individual clients advised by federation counseling agencies.
Since 2006, the proportion of individual counseling clients that seek pre-purchase counseling has dropped dramatically and the proportion of delinquency and foreclosure intervention clients has risen sharply.
The federation is also collaborating with NeighborWorks America to customize its Loan Scam Alert campaign materials for a credit union audience, and is working with members of the HOPE Now Alliance and the Housing Preservation Foundation to establish a channel for credit union members to obtain foreclosure intervention assistance.