July 30, 2007


  • What are these Credit Unions doing about LTV? Our values in Las Vegas have dropped 15-20% in the past 12 months. We too are trying to refinance members out of ARM loans and are often coming up with LTV''s greater than 100%.
    Doug Clinton
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  • I applaud these credit unions for proactively serving their member''s. However, I do also question what they are doing with LTV & underwriting guidelines. Are these loans for distressed borrowers trying to keep their homes? Are they requiring PMI over 80% LTV? What about minimum credit scores to qualify? Max DTI ratio? I have found in our market that helping members out of the sub-prime mess often entails adressing the original & ongoing problems that led them to sub-prime in the first place - buying more house than they can afford with bad credit & limited or no down payment. To truly justify the title to the article I would like more information on how these credit unions are dealing with the tough issues of sub-prime refinances and not just what product they created.
    Victor Petroni